Israeli publishers held an emergency meeting to decide how to prevent the collapse of bookseller Steimatzky.
Sources inform ''Globes'' that most Israeli publishers held an emergency meeting to decide how to prevent the collapse of bookseller Steimatzky Group and to prepare if it goes into receivership.
"We realize that if we do not help, Steimatzky will collapse next week. We'll meet to offer a rescheduling of debts and even the cancellation of some of them, otherwise the situation will worsen. If the company goes into receivership, we'll get back 20% of the debt at best," said one of the meeting's organizers.
Meanwhile, an industry source familiar with the negotiations for Steimatzky's sale said, "The return of talks by Yediot Books Ltd. to acquire Steimatzky has prodded Arledan Investments Ltd. to compromise. The decision on who will acquire the company, if it is acquired at all, will be decided within days. At the moment, the scenario that Yediot Books and its partner is more likely than Arledan (the owner of Keter Publishing House Ltd.) and office supplies retailer Kravitz Ltd."
Published by Globes [online], Israel business news - www.globes-online.com - on June 10, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014
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