Israeli retail chain Fox-Wizel Group (TASE:FOX) has announced that international coffee and freshly prepared food franchise Pret a Manger has canceled the Israeli franchise agreement it signed due to the war.
Last year Pret a Manger signed an agreement awarding its exclusive franchise in Israel to a partnership of Fox (80%) and Yarzin Sella (20%). Fox has now announced, "On May 30, 2024, Pret A Manger announced its decision to cancel the license agreement, and this, according to it, due to the occurrence of a force majeure event as a result of the Iron Swords War and its effect on the company's ability to carry out the preliminary actions required to open the activity according to the license agreement."
Fox had been planning to open Israel's first Pret a Manger outlet in Tel Aviv towards the end of 2024. It has been reported recently that there has been major pressure from pro-Palestinian organizations that have threatened to boycott the network, if it does open in Israel. The plan has been to set up about 40 branches in Israel.
Pret A Manger is familiar to Israelis who have visited London and elsewhere, where it operates many branches and specializes, among other things, in sandwiches and salads. The parent company JAB Holdings, which is headquartered in Luxembourg, has more than 400 branches worldwide, including about 150 in the UK.
Published by Globes, Israel business news - en.globes.co.il - on June 2, 2024.
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