BREAKING NEWS

Kika in heavy debt, hasn't paid employees month's salaries

By GLOBES, JPOST.COM STAFF

MAY 10, 2012 11:08

Most of the 250 employees of Kika were standing in the parking lot of Netanya's home furnishing warehouse on Thursday morning, after they did not receive their salaries for the month of April.

Kika has heavy debts to suppliers and employees, as well as debt to Bank Leumi and Bank Hapoalim totaling about 60 million shekels.

Kika shareholders blamed Bank Hapoaliam and Bank Leumi, who they say unilaterally pulled all of their customers credit card payments, thus preventing the company from paying salaries and suppliers.

Bank Leumi and Bank Hapoalim have not yet responded to this accusation.

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