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Bethel Finance news:
DIY retail chain Ace Auto Depot Ltd. (TASE:ACDP) is on the brink of collapse. The company today reported losses of NIS 25 million in the third quarter of 2011 and said that it was unable to repay its debts. The retail chain blamed its losses on the social protests in the summer and a fall in consumer spending.
The company said that it had already closed several branches, which has resulted in one-time expenditures of NIS 3.2 million. In addition, delayed tax payments of NIS 8.5 million deepened losses in the quarter.
Ace Auto Depot is controlled by B. Gaon Holdings Ltd. (TASE: GAON) and Shlomo Zavida, who hold a 90% stake in the company.
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