Fedex Kinko to change name to Fedex Office
The name change is supposed to reflect the technologies that are changing the quick print industry, with the Kinko offices doing more and more digital printing services, direct mail, and more creative jobs like signs and banners.
FedEx purchased Kinko's in 2004 for $2.4 billion and the grand plan was to merge the 1200 printing shops into it's overall business services operation and to create a digitally linked chain that could produce just about anything. The new chain became Fedex Kinko and included an icon that became known as the 'Beacon'.
It's reported that the company will record a charge of $891 million in its fiscal fourth quarter, including $515 million in a noncash impairment charge in order to rid itself of the Kinko brand.
Kinko's was founded in the 1970s by Paul Orfalea who was reputed to have had very curly hair, the name Kinko was given to him due to this curly hair.