They broke into the store after a party - and damaged the property/Daniel Amram
A year and two months after it was launched, the Electra chain is working to close the Seven Ilvan chain of convenience stores.
According to Electra company reports published this morning, the Seven Eleven chain lost 68 million shekels in 2023, where this sum includes 43 million shekels which are reorganization expenses, which are attributed to the closing of some branches and the intention to close more.
In total, this year the chain brought in 17 million kel and lost 23 million, 8.5 of which in the fourth quarter.
According to Electra's report, "During the reporting period, the company reexamined the business model of operating stores under the Seven Eleven brand. As a result, the company, during the fourth quarter of 2023, along with examining the possibility of bringing an investor into the operation, began actions to significantly close the operation."
The opening day of the branch at Dizengoff Center.
Elektra hoped to open dozens of stores in 3 years/relation
Electra was prepared for the launch of dozens of Saban Ilvan branches in a period of 3 years, but in practice only ten stores were opened, two of which have already been closed: "During the period of the report, the company closed two branches, and is also working to reduce and close additional branches," it was reported.
Electra hoped that Saban Ilvan would make a splash in Israel, when in 2021 it signed an agreement that gave it the franchise for the network for 20 years, with the possibility of an extension for 50 years.
The franchise agreement includes payment of an initial amount as well as monthly payments to be paid as a proportion of the total revenue of the franchise activity in Israel.
The Seven Eleven was established in 1927 in Dallas, USA, and is the largest chain of convenience stores in the world, which operates approximately 83,000 branches in 19 different countries. It is also considered the largest retail chain in the world in terms of the number of branches.
As part of bringing the chain to Israel and to the local audience, the concept was The chain has made quite a few adjustments to match the tastes, needs and habits of the Israeli consumer. The variety of products sold at Saban Ilvan includes about 2,000 products from different categories, a kind of combination between a minimarket, a pharmacy and self-service fast food.
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