"Great Shipper, Dumb Owner" - June 04, 2008

After what seemed like a re-organization announcement per year, FedEx has another stylistic change for Kinko's.  Or should we say, Office.

FedEx Corporation is taking a sizable write-down as it plans to turn its retail storefront brand into "FedEx Office."

Something has been afoot at Kinko's since at least last year's shareholder's meeting.  Prior to September 2007, Kinko's was a stand-alone reporting segment of FedEx Corporation.  Investors could see how Kinko's was performing.  But last September, FedEx management decided to place Kinko's under something called "FedEx Services."   This jiggling of the reporting structure was under-reported at the time because the FedEx Ground "California Plan" made the headlines .

But investors have watched the Kinko's acquisition weigh heavily on FedEx Corp performance.  And some observers are making more noise about it.