"After a lengthy hearing and with all due regret, it seems that the company has reached the end of the road, and nobody can disagree," said Central District Court Judge Irit Weinberg-Nutovitz, as she issued a temporary liquidation order for Office Depot Israel Ltd., and ordered the company to submit a liquidation plan on Wednesday.
"I am appointing Adv. Israel Bachar and Adv. David Fohrer as temporary liquidators. The commitment they deposited as part of the stay of proceedings will remain in force," said Judge Weinberg-Nutovitz. "I am authorizing the liquidators to issue layoff notices to the employees."
Judge Weinberg-Nutovitz added, "I am instructing the temporary liquidators to close the stores which have been operating in an orderly manner and to place guards until decided otherwise. I am instructing the temporary liquidators to seek the assistance of the police if necessary."
All of Office Depot Israel's 780 employees will be fired.
The court's decision to close Office Depot Israel followed the failure of talks for the acquisition of the retail chain by Retail Group 3000 Ltd., owned by Ronen Levy, the owner of toy store chain Kfar Hasha'ashuim.
Published by Globes [online], Israel business news - www.globes-online.com - on November 18, 2013
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