Chicken running out: KFC restaurant chain in Israel, having accumulated debts, files for court protection
The KFC chain in Israel (12 branches), which has accumulated a debt of 50 million shekels, has filed for court protection. The court allowed the payment of about 100,000 shekels in cash to suppliers for the urgent purchase of chicken and other products to keep branches operating. Supplies could have run out over the weekend of October 30-31.
The KFC restaurant chain in Israel (12 branches), operated by Smart Service, which has accumulated a debt of 50 million shekels, has filed for court protection from creditors. The court allowed the company to pay suppliers about 100,000 shekels in cash for the urgent purchase of products, including chicken, to keep branches operating. Food supplies could have run out over the weekend of October 30-31. The petition was filed to last until the hearing on November 2. The company's account at Discount Bank holds about 411,000 shekels. Liabilities include about 37 million shekels in loans from owners, 9.5 million shekels in ordinary debts, 1.9 million shekels in employee debts, and 1.2 million shekels to government agencies. The company attributes the shortfall to the events of October 7 and the escalation in the security situation.