Israeli Food Companies Seek Protection Amid Financial Crisis
Candylida, an Israeli ice cream company, has filed for protection from creditors with debts of 15 million shekels, citing a dispute with a major supplier as a key cause. This follows similar financial distress reported by the Avidan Group, which operates 11 restaurants and bars and owes 10 million shekels, and KFC's Israeli franchisee, which has 50 million shekels in debt and has had trustees appointed. The companies are seeking court-ordered stays of proceedings to negotiate settlements and avoid collapse.
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- Candylida, an Israeli ice cream company, is seeking protection from creditors with 15 million shekels in debt.
- A dispute with ice cream manufacturer Feldman is cited as a major reason for Candylida's financial crisis.
- The Avidan Group, operating 11 restaurants and bars, also seeks protection from creditors due to a 10 million shekel deficit.
- KFC's Israeli franchisee faces 50 million shekels in debt, and trustees have been appointed to assess its situation.
- These companies are petitioning courts for moratoriums to negotiate debt settlements and prevent collapse.
Candylida, a company operating an ice cream chain and wholesale distribution, is facing a significant economic crisis with debts totaling approximately 15 million shekels. Owned by Shimon Hazut, the company has petitioned the Beersheba District Court for a two-month moratorium on proceedings to negotiate a debt settlement with creditors and avert collapse. According to a report in Calcalist, a major factor contributing to Candylida's difficulties was the termination of its business relationship with ice cream manufacturer Feldman after two decades. The company claims this dispute and the circumstances surrounding its end severely impacted its revenue and ability to utilize its established distribution and logistics infrastructure. About a third of Candylida's debt is owed to suppliers, including Strauss Ice Cream, Magnum Ice Cream, and Nestle's Noga Ice Cream, which distributes Ben & Jerry's in Israel. Candylida seeks the moratorium to facilitate negotiations, secure funding for continued operations, and advance the sale of two properties pledged to Feldman.
The Candylida crisis follows recent reports of other food industry companies facing financial distress and seeking legal protection. The Avidan Group, owned by brothers Raz, Mor, and Idan Avidan, which runs 11 restaurants, cafes, and bars across Israel, has petitioned the Tel Aviv District Court for a stay of proceedings due to an estimated 10 million shekel cash flow deficit. The group, established in 2007, operates establishments like Concierge and At8 cafe in Tel Aviv, along with venues in Herzliya, Givatayim, Kiryat Ono, and Hod Hasharon, employing approximately 250 people. The Avidan brothers stated their goal is to keep the businesses operational, preserve jobs, and reach a settlement that offers creditors a better repayment than other alternatives, emphasizing that employee salaries are a top priority.
Another company in financial trouble is Smart Service Q&Q, the operator of the KFC chain in Israel. Founded in 2010, the company has accumulated debts of around 50 million shekels and has requested court proceedings. The Beersheba District Court has appointed two trustees, Adv. Amit Laderman and Accountant Aliza Sharon, to assess the company's financial situation and explore rehabilitation options. They are required to submit an initial report within 14 days. Of the 50 million shekel debt, approximately 37 million are owner loans, with additional debts including 9.5 million to regular creditors, 1.9 million to employees, and 1.2 million to authorities. The KFC chain operates 12 branches nationwide. The company also requested permission to use about 100,000 shekels from its 411,000 shekel cash balance to purchase essential food inventory and continue operations.
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