Intense competition and Operation Protective Edge caused losses for the chain.
Businessman Eliezer Fishman is seeking a partner or buyer for the Home Center do-it-yourself chain. Home Center has 48 branches in Israel and business in Cyprus and Russia, where it maintains several more branches. The chain's annual sales volume is NIS 750 million. Intense competition in the domestic market and the short-term effect of Operation Protective Edge last summer have caused losses in Home Center's business.
Home Center's debts total NIS 330 million: NIS 200 million to the banks and NIS 130 million to bondholders. Fishman raised money through a NIS 270 million bond issue in early 2007. It appears that his wish to sell the chain is a result of the crisis in Russia, which is also affecting his business in that country, especially real estate company Mirland. It can therefore be assumed that Fishman will elect to sell several of his assets, including the Home Center chain. Sources close to the chain yesterday denied assertions that it was laying off dozens of employees. The Fishman group said in response, "We do not comment on the private businesses owned by the group."
Eliezer Fishman, the controlling shareholder in Home Center, is the controlling shareholder in "Globes."
Published by Globes [online], Israel business news - www.globes-online.com - on December 24, 2014
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Eliezer Fishman