Losses for Ace in Israel

Globes, an Israeli business service, reports that the franchisee of Ace Hardware in Israel has filed for a stay of proceedings. The report says that Ace Auto Depot Ltd had losses of some NIS 40 mio from January to September 2011. Altogether the company now has debts to the tune of NIS 450 mio, with NIS 200 mio of this total owed to suppliers. It is quoted on the Tel Aviv stock market and controlled by the Gaon Group (Moshe Gaon) and the Zbeda Group (Shlomo Zbeda). The share price has declined by 90 per cent since the beginning of last year.