Corporate Restructuring: Mail Boxes Is Too Hot For US Office to Handle

US Office Products, still in a recovery after splintering its grand strategy of supplying virtually everything to America’s corporate offices, is facing the painful realization that it doesn’t have the money to support its Mail Boxes Etc. growth star. Washington-based US Office has recruited Credit Suisse First Boston to help it find the best way for raising the capital that will allow Mail Boxes to grab the exploding opportunities offered by tying up with the Internet. Among the possibilities cited were an IPO and the sale of a stake to “one or more strategic investors” who could supply both funding and know-how. Mail Boxes, best known for its centers that provide postal and other business services, has started to connect with the Internet and other networking systems but believes it’s just started. Mail Boxes spokesman Rich Hallabrin said that the company now provides fulfillment and return services for Internet merchandisers and believes it can sign up a lot more as new e-commerce firms hit the web. The firm also hopes to expand a plethora of services it provides to “road warriors,” such as sales and other business people who spend a lot of time traveling. US Office last year cut loose through spin-offs and IPOs its interests in travel, computer, and graphics services and school supplies distribution. The company, which reported a net loss of $72.1 million for the nine months ended January 22, posted a March 31 close of 2-5/8 on Nasdaq, compared with a 52-week range of 1-7/8 to 6-3/4