Talks for the acquisition of Steimatzky by Kravitz stationers and Keter publishers have no yet reached fruition, and meanwhile the book chain has delayed payments to suppliers.
Steimatzky is splitting payments due to suppliers. Only part of payments due will be made now with a second payment not being made until June 20.
Steimatzky hopes that by June 20 the talks would have been concluded and money would have been injected into the company.
Steimatzky said, "Because we are in advanced talks and because of the holiday and book week the payment due on the 5th of the month has been split into two equal payments. We are readying the payments today and we inform suppliers by phone when they are ready. We soon hope to end the negotiations to the satisfaction of the parties. We thank our suppliers in advance for their thoughtfulness and patience during this time of reorganization."
Published by Globes [online], Israel business news - www.globes-online.com - on June 5, 2014
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