Super-Sol Issues 100 More Pink Slips

Foodstuffs retail chain Super-Sol is expanding the lay-offs already announced as it implements a recovery program. The retailer plans to issue about 100 more pink slips as part of the program, and has set aside NIS 10.3 million for compensation according to its first-quarter report released yesterday.

The layoffs, to be completed by June, are in addition to 480 firings which Super-Sol first announced in November 2003, according to CEO Effie Rosenhaus. He added that the recovey plan also includes 10 percent pay cuts for company executives and 5 percent for other managers.

At this point Super-Sol does not intend to close any more branches over and above the eighteen it already closed.

In its first-quarter report, the supermarket chain announced that sales topped NIS 1.55 billion in the first quarter, a 1.2 percent rise over first-quarter sales last year, and its first net profit in six quarters - NIS 4 million. Operational profit totaled NIS 27 million in comparison with a NIS 4 million loss in the same quarter last year.