Yeinot Bitan to sell 35 branches ahead of IPO

Nahum Bitan

Yeinot Bitan is prepared to sell the supermarkets individually or to one buyer. But some of the branches may be tough to sell because of high rents.

Israeli supermarket chain Yeinot Bitan is looking to sell 35 of its chains and exit the discount supermarket sector as part of a streamlining plan ahead of an IPO on the Tel Aviv Stock exchange (TASE). The sell of the 35 outlets, sources inform "Globes," some 20% of the chain's branches with 57,000 square meters of commercial space and annual revenue of NIS 700 million (15% of overall revenue), will ease Yeinot Bitan's cash flow crisis.

Yeinot Bitan is prepared to sell the branches individually or to one buyer. But some of the branches may be tough to sell because of high rents.

Among the branches that Yeinot Bitan wants to sell are 13 Mega B'Ir branches, 2 shuk Mehadrin branches, 11 Bitan BeCity branches and nine Yeinot Bitan branches. These include both street stores and supermarkets in malls. The outlets for sale include the Tel Aviv branches in Weizmann Street and Ibn Gbriol and branches in Azrieli Modi'in and Akko as well as branches in the power centers in Ra'anana, Herzliya, Modi'in, and Arad.

Published by Globes, Israel business news - en.globes.co.il - on July 28, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020

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