Office Depot may close 10 of 52 stores in...
Office Depot may close 10 of 52 stores in Israel unless it can land lower rents, Office Depot Israel President Tzachi Fishbein told Haaretz.com. The locations could be saved if rents are lowered on the unprofitable stores, Fishbein said. While…
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rents run about 20 percent to 30 percent of sales, they shouldn’t exceed 8 percent, Fishbein said. Office Depot Israel is owned by Hamashbir, which has the license for the chain’s name, and any decisions regarding store closings are made by them, an Office Depot U.S. spokesman said. Office Depot also has a “verbal agreement” with the U.S. group to stop charging the Israeli franchisee royalties, Fishbein said. On that, the Office Depot U.S. spokesman declined comment.