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OfficeMax grew by acquisition with Office World first in November 1990, with Office World executive and Montgomery Ward becoming minority shareholders. In 1990, Office Square stores were purchased from Kmart, in exchange for a 22% equity stake. In 1991, Kmart increased its stake in OfficeMax to 92%. In January 1992, OfficeMax acquired five sites from Highland Superstores in Boston. OW Office Warehouse, a Virginia-based regional chain, was acquired in June 30, 1992. The company then acquired BizMart, its largest acquisition (104 stores) to date, in 1993 from Intelligent Electronics. On August 16, 1993, OfficeMax joined Kmart and most of the other Kmart-owned banners in the "largest power center" Kmart operated in Utica, Michigan. OfficeMax acquired a 19% stake in Corporate Express, a contract stationer. In May 1994, Kmart put a plan in front of its stockholders to sell 20% to 30% of each of its specialty store subsidiaries shares on the open market to pay down debt and fund future expansion of the subsidiaries. Kmart's shareholders turn down the proposal at their June 3 annual meeting. In November 1994, FurnitureMax store within a store concept begins testing in the Cleveland market. In 1995, Kmart sold off 51% of OfficeMax shares, spinning off the company and became a NYSE-(OMX) publicly traded corporation, based in Shaker Heights, Ohio.