Stores up for sale? I'll take 17
The Elkayam-Sheetrit consortium, which bid unsuccessfully for the Clubmarket retail chain, has approached its trustees with a new offer.
The Elkayam-Sheetrit consortium, which bid unsuccessfully for the Clubmarket retail chain, has approached its trustees, Shlomo Nass and Gabi Trabelsi, with an offer to buy the 17 stores that Antitrust Commissioner Dror Strum insists be sold separately from the chain.
Sector leader Supersol bid the most for Clubmarket, and its offer of NIS 825.5 million was approved by both the court and Strum, but with certain provisos - such as the sale of 17 stores - to protect consumers. The purchase will see the largest and third largest retailers in the country combine to dominate 37 percent of the market. The Sheetrit-Elkayam group had offered NIS 365 million for Clubmarket.
Sheetrit-Elkayam said that if their offer for the 17 stores is accepted, they plan to run the branches under the Premier Club brand, a Clubmarket own brand. Elkayam previously worked for Blue Square, developing its Leader Price house brand.