Israeli supermarket operator Super-Sol has said it expects to set aside between NIS60m and NIS70m (US$13.3m-15.5m) in its third-quarter financial report to cover 18 store closures.

The company said the provisions will cover the decrease in the company's assets, as well as providing for 480 layoffs, reported Dow Jones International News.

The new management of Super-Sol are currently undertaking a recovery plan aimed at reversing the retailer's recent losses.

Super-Sol posted losses in the first and second quarters of this year. Its third-quarter financial report is due to be released in early November.