Office Depot announced it will sell its Hungarian business to Central Fund Venture Capital Fund. The agreement enables Central Fund to use Office Depot’s trade names, obtain sourcing services and continue to support Office Depot’s customers in Hungary. Central Fund is the first privately owned venture capital fund in Hungary, investing in small and medium-sized companies in the country. Office Depot Hungary began as a licensed operation in 1997 and was established as a wholly owned subsidiary of the company in 2004. The company plans to close an additional 10 to 20 stores when its leases run out.
