Another international brand today officially joined the list of international chains that have failed in their attempts to appeal to Israeli tastes as the 7 Eleven franchise has ceased, just 18 months after opening its first outlet in the country.
Israeli franchising company Electra Consumer Products (TASE: ECP) announced in its financial results for the first quarter of 2024 that it completed on May 16 the sale of its eight 7-Eleven branches in Israel to rival supermarket chain Seven Express for just NIS 3 million, after… The company's losses amounted to 60 million shekels.
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The 7 Eleven branches will be renamed Seven Express stores and join the chain's existing 113 branches across Israel, which are owned by Udi Saadeh, Assaf Kamari and Tony Ziv. Seven Express's annual revenue is NIS 250 million.
Electra Consumer Products prefers to focus its resources on French food and supermarket brand Carrefour, which it brought to Israel and invested NIS 42 million in transforming supermarkets across the country.
Published by Globes, Israel Business News – en.globes.co.il – on May 29, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
