Yafit Greenberg and partners are now expected to acquire the debt-ridden bookseller.
Three groups were interested in acquiring financially troubled bookseller Steimatzky Group but in the end it looks like the store chain will be sold to the final bidders to enter the fray. Last night it was announced that a consortium including Yafit Greenberg (G. Yafit), Ofra Meitar, Gideon Hirsch CPA, and Raz Schapira CPA and the owners of the Korim publishing company are buying Steimatzky from Markstone Capital Partners Group LLC. The amount of the acquisition has not been disclosed but it can assumed that Markstone will not receive any cash for the sale but will be shot of a loss-making investment and major headache.
A source in the sector estimates that suppliers will suffer a 30% "haircut" on the money they are owed, much less than the estimates made in recent weeks when it looked like there would be other buyers or a stay of proceedings. Steimatzky's debts, mainly to book publishers, are believed to be about NIS 50-70 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 19, 2014
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Yafit Greenberg