Markstone is seeking new investors, after talks to sell the bookseller to Yediot Books were ended.
Market sources warn that bookseller Steimatzky Group is liable to near a stay of proceedings within two weeks, in view of its liquidity problems and large bank debt, unless buyer is found, or it reaches a long-term debt settlement.
Steimatzky's owner, Markstone Capital Partners Group LLC, is desperately seeking new investors, after negotiations to sell the bookseller to publisher Yediot Books Ltd. for NIS 70 million were ended. Markstone acquired Steimatzky from its founder Ari Steimatzky for $55 million, including $36 million in equity, in 2005.
Published by Globes [online], Israel business news - www.globes-online.com - on April 23, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014