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.
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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.
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