An investor group headed by TV pitchwoman Yafit Greenberg, aka Gimel Yafit, has bought Steimatzky, Israel's largest bookseller, from Markstone Capital Group, Haaretz reported.
The financially troubled bookseller reportedly owes suppliers about $14.5 million, and the purchase was completed only after Greenberg's group was assured it would not assume Steimatzky's debts to Deutsche Bank and to jewelry retailer Magnolia, also owned by Markstone.
Some 30 publishers agreed to a buyer request that they write off 30% of their debt and stretch out remaining payments over six months. Publishers who have not consented to the deal, including Yedioth Books and Keter Publishing, "may oppose the sale, perhaps even resorting to legal action," Haaretz said. Some suppliers have said they haven't been provided financial guarantees by the new owners.