The collapse follows Bank Hapoalim's rejection of the company's restructuring plan and refusal to reschedule its NIS 16 million debt.
In the wake of Burger King Israel and Hamashbir Lazarchan, another Israeli retail chain has gone bankrupt. Omni Food Brands (TASE:OMNF), the franchise holder for Domino Pizza in Israel, notified the Tel Aviv Stock Exchange (TASE) today that Bank Hapoalim (LSE:BKHD; TASE:POLI) had rejected the company's restructuring plan, and had refused to reschedule its NIS 16 million debt.
Omni has a market cap of NIS 33 million. At the end of June, it reported a NIS 11 million equity deficit. Dominos Pizza Israel lost NIS 3.8 million on NIS 19 million in sales in the first half of the year, compared with a loss of NIS 1.4 million on NIS 26.5 million in sales in the first half of last year.
Published by Globes [online] - www.globes.co.il - on November 27, 2003