Social protests bring down ‚Israel’s leading retailer‘

29.11.2011                      03.Kislev. 5772

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Social protests bring down 'Israel's leading retailer'

Super-Sol CEO quits as third-quarter profits plunge.

Super-Sol CEO Effi Rosenhaus announced he was stepping down on Monday, two years after he was indicted for his role in the supermarket chain's alleged antitrust violations of its merger with Clubmarket.
Rosenhaus' resignation apparently came in response to Super-Sol's third-quarter financial results, which were released Monday. The company's operating profit was down 44%, to NIS 71 million, and net profit was down 60%, also to NIS 71 million, apparently as a result of the summer social protests over the cost of living, which specifically targeted the chain and some of its suppliers….