Thursday, October 14, 2010

(BIZ) Office Depot In Talks To Sell Israel Unit To Chain

"Office Depot Inc., (ODP 5.10, +0.08, +1.59%) the Boca Raton, Fla., office-supplies retailer, is in talks to sell its Israel subsidiary to New Hamashbir Lazarchan Ltd. for $47 million, less the amount of the unit's debt when the deal closes. Office Depot operates 46 stores in Israel. As part of the deal, Office Depot said in a late-Tuesday statement, it would license certain trade names and intellectual-property rights to New Hamashbir. The Israeli chain was founded in 1947 and now operates 37 department stores with 3,500 employees. New Hamashbir shares were recently up 3.5% on the Tel Aviv Stock Exchange." (source)

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