New loan helps Domino's Pizza Israel stay open

Dec. 3, 2003

JERSALEM—Bank Hapoalim yesterday approved a plan for the continued operation of Domino's Pizza Israel, a 25-unit franchisee.

According to the Daily Haaretz, Ronen Matari, the official receiver for Domino's Israeli franchisees, said his plan must be approved by the Tel Aviv District Court, and that an additional NIS 1 million (U.S. $205,000) is needed to keep the chain running for another two to three months.

Matari said a plan to pay Domino's has been approved by workers' representatives, who threatened to stop working if they did not receive their November paychecks totaling about NIS 1 million (U.S. $205,000).

Sources affiliated with Domino's Pizza Israel said Matari's plan involves closing one unit and finding a franchisee for another. As a result, about 30 of the chain's 600 workers will be laid off.

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Topics: Domino's Pizza

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