Office Depot negotiates to sell off 46 Israeli stores

Boca Raton, Fla. Office Depot said late Tuesday it 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 transaction closes.

Office Depot (Israel) Ltd. operates 46 stores in Israel. As part of the deal, Office Depot said it would license certain trade names and intellectual-property rights to New Hamashbir, which operates 37 department stores in the area.