The Israeli branch of Office Depot has run out of bankruptcy-saving proposals, and a court on Monday authorized liquidators to lay off all 780 employees and close the stores.
“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, who ordered the company to submit a liquidation plan on Wednesday.
She 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.”
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