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Golan jewelers released disappointing results yesterday, making losses of NIS 16.6 million in the first three quarters.

Golan finds itself in a difficult position, compounded by the troubles of Hamashbir Lazarchan, where it operates many counters. In November, the court awarded Hamashbir two months protection against its creditors.

Golan's shaky position prompted the shareholders to stump up a loan of $1 million for operating activities. They also backed a company guarantee of $500,000. Golan will repay the loan three months after the shareholders call for it.

Golan's sales over its Hamashbir counters amounted to NIS 28 million in the first nine months of the year, so the jeweler will be hard hit if the chain shuts up shop.