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Kravitz acquires bookseller

Israeli office supplies chain Kravitz and Arledan Investments are in negotiations to acquire bookseller Steimatzky Group, according to local press.

According to Globes |srael the buyers will pay NIS 30-50 million (6-10 million euros) for all the shares of Steimatzky. The the full proceeds will allow Steimatzky to pay its debts and commitments.

Sources at Arledan and Steimatzky told Globes that they preferred to enter into negotiations to acquire the bookseller now, before it ends up in a stay of proceedings, which would make it harder to rehabilitate the company.