Office Max is cutting about 2,700 store management jobs this month. The 900-store chain is eliminating one of every two assistant store manager positions and two of every three store supervisor jobs per store, said spokesman William Bonner. OfficeMax has about 36,000 employees.

The retailer will add sales positions, with in-store sales representatives specializing in furniture and technology. OfficeMax recently upped its furniture offerings, licensing Sharper Image and Broyhill brands.

The reorganization is part of a turnaround helmed by Chairman and CEO Sam Duncan. "We're reducing the number of store management positions so that we can increase the number of associates on our floor," Bonner said. "The people are being offered an opportunity to apply for the new positions."

Credit Suisse on Monday downgraded its rating on OfficeMax from outperform to neutral and reduced its target price from $25 to $20, citing the Staples-Corporate Express merger that "leaves OfficeMax in a more-precarious strategic position."

OfficeMax's operating margins have been pressured by a challenging macro environment, an increase in inflation and a decrease in currency benefits, it said. The company also faces competition from Staples.