The future of bookseller Steimatzky Group Ltd. will probably be decided this week: either a sale or a court-supervised stay of proceedings. The potential buyers are waiting for Markstone Capital Partners Group LLC's investors to decide if they will inject additional capital to allow it to assume Steimatzky's debts.
Meanwhile Steimatzky, which faces a severe cash flow problem and continuing losses, is postponing payments to suppliers - Israeli publishers. If Steimatzky obtains a stay of proceedings, CEO Iris Barel will lose her NIS 7 million golden parachute if the bookseller is sold. Even so, sources inform ''Globes'' that she recently received a NIS 650,000 bonus of five salaries (her monthly salary cost is NIS 130,000).
A Steimatzky spokesman said in response, "Steimatzky does not comment on salary matters."
Sources close to the bookseller said that Barel was not the only executive to receive a bonus; all company managers, including branch managers, received their annual bonus.
Published by Globes [online], Israel business news - www.globes-online.com - on June 15, 2014
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