BREAKING NEWS

Mega, in crisis, to shutter stores Monday

JANUARY 17, 2016 14:07

Grocery chain Mega will close its remaining branches on Monday as it continues to battle suppliers over debts.

The Lod District court acceded to a Mega request for a stay on proceedings for 60 days, during which it will appoint a court trustee. Some 3,500 Mega employees were expected to protest at the court Monday morning.

On Friday, the embattled grocery chain decided against making payments in the realm of NIS 50 million to its suppliers.

According to Calcalist, Mega's debt stands at NIS 1.2 billion shekels, about NIS 477 million of which it owes its suppliers. That figure includes NIS 24 million to Cola-Cola Israel, and NIS 88 million to Tnuva.

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