Hamashbir CEO Rami Shavit said, "Following the recovery and streamlining plan, which encompassed Office Depot Israel, and included layoffs and the closing of stores, the appointment of a new CEO and a NIS 30 million capital injection, and paralleling Hamashbir's legal proceedings against Office Depot Inc., we have finally signed an agreement to sell Office Depot Israel. From our perspective, the decision to sell it was necessary out of our responsibility to our other operations. We could not allow Office Depot Israel's financial difficulties to harm the parent company's financial soundness."
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