One other worldwide model at the moment formally joined the checklist of worldwide chains that failed in makes an attempt to attraction to Israeli tastes because the 7 Eleven franchise went out with a whimper, simply 18 month after the primary outlet within the nation opened.
Israeli franchisee Electra Client Merchandise (TASE: ECP) introduced in its monetary outcomes for the primary quarter of 2024 that it had on Could 16 accomplished the sale of its eight 7 Eleven branches in Israel to a rival comfort retailer chain Seven Specific for simply NIS 3 million, after the corporate has accrued losses of NIS 60 million.
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The 7 Eleven branches shall be rebranded as Seven Specific shops and be part of the chains current 113 branches round Israel, that are owned by Udi Saada, Assaf Kamari and Tony Ziv. Seven Specific has annual income of NIS 250 million.
Electra Client Merchandise prefers to pay attention its assets on the French meals and grocery store Carrrefour model, which it has dropped at Israel and invested NIS 42 million in changing supermarkets all through the nation.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on Could 29, 2024.
© Copyright of Globes Writer Itonut (1983) Ltd., 2024.
