ISRAEL: Seven buyers fighting over Burger King
Seven groups are currently vying to buy the failing Burger King Israel fastfood chain. The buying frenzy is being played out as the chain fires senior staff members, while its competitor, Burger Ranch, continues to reduce its staff as an efficiency measure. McDonald's, however, continues to operate at relative and steady profitability and maintains its lead position in the country's fastfood business. According to press reports, McDonald's profits for 2002 are expected to reach NIS10m (US$2.08m), the same as in 2001, "with no plans at the moment to establish additional restaurants."
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