Anis a prominent health products chain has filed an urgent freeze request of proceedings against it

Anis, a prominent health products chain operating 27 branches across the country, has filed an urgent request with the Jerusalem District Court, seeking a temporary freeze of proceedings and the appointment of a trustee. The network has encountered a severe liquidity crisis, making it impossible to continue operations without insolvency proceedings.

The private chain, founded in 1995 by Ilan Mosari, is the second largest in the health food stores sector, trailing only behind Cherry Nitza. Despite generating sales turnovers of NIS 73.6 million in 2021 and approximately NIS 68.2 million in 2022, Anis now faces debts totaling around NIS 22.9 million. Of this amount, NIS 14 million is owed to suppliers and service providers, NIS 6.4 million to banks, and NIS 660 thousand to credit companies.

The financial crisis has reached a critical point, with Anis' credit facilities depleted and the company unable to meet its employee payroll for July. The situation has been further exacerbated by a recent break-in at the chain's warehouses, where approximately NIS 200,000 in cash deposits meant for restocking were stolen. The incident appears to be linked to suppliers owed significant debts, who took matters into their own hands due to the liquidity crisis.

To address these challenges and increase the likelihood of developing an economic rehabilitation plan, Anis is seeking the appointment of a temporary trustee. This individual would take over management responsibilities, including collecting customer receipts and ensuring the continuation of network operations. Moreover, the network requests a personal freeze of proceedings for the owner, who had guaranteed the debts, in order to allow him to focus entirely on managing the business and attracting potential investors.

Anis intends to retain its existing management and owner's expertise during this transitional phase. The chain seeks the court's approval for the temporary trustee to manage day-to-day business activities with the support of the current management team and employees.

The Jerusalem District Court is set to hold a hearing on the matter tomorrow, where the fate of Anis and its potential path to recovery will be decided. Stakeholders, employees, suppliers, and customers alike await the court's decision with keen interest as the health products chain's future hangs in the balance.