BREAKING NEWS

Beleaguered supermarket chain Mega to shutter stores as buyer is sought

JANUARY 17, 2016 20:15

Grocery chain Mega will close its remaining branches on Monday as it continues to battle suppliers over debts.

The Lod District court acceded to a Mega request for a temporary stay on proceedings for 60 days, during which it will appoint a court trustee to facilitate the sale of the chain. It will convene a discussion Monday at 8:00 am on Mega's fate, including a call to any creditor upwards of NIS 50,000 to participate.

On Friday, the embattled grocery chain decided against making payments in the realm of NIS 50 million to its suppliers.

Shraga Brosh, Presdient of the Manufacturer's Association of Israel, said going to court was the right decision, as it would keep the chain running and maintain the supply of goods in the chain while a potential buyer was sought.

"It is worth noting that the supliers of the chain acted responsibly for over half a year, both toward the chain and toward the businesses they run," Brosh said. Suppiers' demand for security or cash payments, he added, were perfectly logical.

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