Not sure exactly because I don't own one, but the review seems to indicate you push the blade positioner all the way forward, and push a release to remove the old one out the front, and then push a new own in until it clicks in place. With the blade positioner all the way forward.
But the review said it did not work well.
http://www.crunchgear.com/2008/12/05/review-stanley-fatmax-utility-knives/
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