Sources inform “Globes” that Fishman Retail Chains, which is acquiring full ownership of appliances chain Best Buy, is considering merging it with Home Center DIY, which it also controls.
The two chains’ administrative, logistics, commercial and accountancy operations would be combined.
The two chains’ headquarters would also be merged, although their retail brands would be kept separate. A pilot plan is being prepared to place Best Buy stores within Home Center stores, which cover 5,000 sq.m. each, including the store at Bilu Junction.
As reported by “Globes”, an agreement in principle has been reached to transfer full control of Best Buy to Fishman Retail Chains, owned by Eliezer Fishman. Until now Fishman Retail Chains owned 49% of Best Buy, while 51% was owned by Best Buy founder, Neria Strauchler.
The Fishman Group acquired 49% of Best Buy from the Strauchler family three years ago at a company value of $10 million. Fishman has an option to buy Strauchler’s holding at the same value.
Best Buy has an estimated turnover of NIS 200 million at its 15 stores. Home Center has an estimated turnover of NIS 1 billion at its 42 stores.
Eliezer Fishman is the controlling shareholder in ''Globes''.
Published by Globes [online] - www.globes.co.il - on November 3, 2002