One third of the city center supermarket chain's sells are reportedly on Friday nights and Saturdays.
Moti Ben-Moshe, the new controlling shareholder of Alon Blue Square Israel Ltd. (NYSE: BSI; TASE:BSI) is considering closing the AM:PM city center supermarket chain on the Sabbath (Friday night and Saturday to sunset). AM:PM is a subsidiary of Alon Blue Square. It has 40 stores and annual revenue of NIS 450 million.
If Ben-Moshe does decide to close down the retail chain on the Sabbath, it will be a major blow to AM:PM, which reportedly earns 335 of its revenue on Friday nights and Saturdays.
Ben-Moshe's spokesman said, "We won't relate to any operative matters until the deal is fully closed."
One market source pointed out that Ben-Moshe has businesses abroad that do operate on the Sabbath.
Published by Globes [online], Israel business news - www.globes-online.com - on February 17, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
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