BREAKING NEWS

Petah Tikvah court to hear Kika appeal to stay proceedings

By JPOST.COM STAFF

MAY 13, 2012 06:32

The Petah Tikvah district court was set Sunday morning to hear Kika's appeal to stay proceedings against the home furnishing store and allow it to continue operating, Army Radio reported.

Meanwhile, six employees were due to appeal to the court to dissolve the company in order to receive their unpaid salaries from the month of April.

Hundreds of employees of the Israeli branch of the Kika Austrian furniture chain received a rude awakening on Thursday when they showed up to work to find the Netanya store locked, with the company’s Israel operations apparently on the verge of collapse.

According to figures produced by Ashtrom Properties, which owns 15 percent of Kika Israel, the company lost NIS 44.5 million in 2011, and NIS 13.5m. in 2010, when it was establishing itself in Israel.

Ben Hartman contributed to this report

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