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.
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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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