Three Haredi partners who sold the Alef chain of stores to Super-Sol a year ago will soon be exiting their "cooling-off" period - think, non-compete - and are staging a comeback in retail to the ultra-Orthodox sector.
Avraham Moshe Margalit, Arie Boim and Yehuda Laniadi will compete with Super-Sol's chain for religious customers, Yesh. First they intend to open a branch in Jerusalem's Givat Shaul neighborhood, under the name Osher Ad.
The three sold their 50% stake in Alef to Super-Sol in July 2008 for NIS 100 million. Super-Sol, Israel's biggest retail chain, already owned the other 50%. Super-Sol converted the Alef stores to Yesh outlets, serving the same ultra-Orthodox market.
Until recently, the partners were blocked from retail activity in the religious sector by their one-year non-compete agreement with Super-Sol.
Want to enjoy 'Zen' reading - with no ads and just the article? Subscribe todaySubscribe now