OfficeMax 2014 Annual Report Download - page 26
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Please find page 26 of the 2014 OfficeMax annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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Table of Contents
The complaint alleges that Office Depot’s use of the fluctuating workweek (FWW) method of pay was unlawful because Office Depot failed to pay a fixed
weekly salary and failed to provide its ASMs with a clear and mutual understanding notification that they would receive a fixed weekly salary for all hours
worked. The plaintiffs similarly seek unpaid overtime, punitive damages, and attorneys’ fees. The Company believes in this case that adequate provisions
have been made for probable losses and such amounts are not material. However, in light of the early stage of the case and the inherent uncertainty of
litigation, the Company is unable to estimate a reasonably possible range of loss in these matters. Office Depot intends to vigorously defend itself in these
lawsuits.
OfficeMax is named a defendant in a number of lawsuits, claims, and proceedings arising out of the operation of certain paper and forest products assets prior
to those assets being sold in 2004, for which OfficeMax agreed to retain responsibility. Also, as part of that sale, OfficeMax agreed to retain responsibility for
all pending or threatened proceedings and future proceedings alleging asbestos-related injuries arising out of the operation of the paper and forest products
assets prior to the closing of the sale. The Company has made provision for losses with respect to the pending proceedings. As of December 27, 2014, our
estimate of the range of reasonably possible losses for environmental liabilities was approximately $10 million to $25 million. We regularly monitor our
estimated exposure to these liabilities. As additional information becomes known, our estimates may change. However, the Company does not believe any of
these OfficeMax retained proceedings are material to the Company’s business.
Not applicable.
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