Izhar olive oil maker to be sold
Iconic olive oil manufacturer, which opened 80 years ago in Tel Aviv's Nahalat Yitzhak neighborhood, goes into receivership; most employees to be laid off
The Tel Aviv District Court has ruled that Tit Bit Food Industries, which manufactures the iconic Izhar olive oil brand, will go into receivership.
The company owes NIS 170 million to seven banks. The petition for receivership revealed that the company's financial difficulties date back a decade, and that in 2002 the banks and the firm agreed on terms for the repayment of the debt.
In 2010, however, the company's finances took a turn for the worse. and it found itself unable to pay creditors.
Attorney Dorit Levy-Tiller has been appointed the receiver in the case and will begin negotiations for the sale of the company, its property, and name. Tit Bit employees some 100 workers, most of whom will be laid off.
The Izhar olive oil company was founded in 1934 in Nahalat Yitzhak in Tel Aviv. Today, the firm is located in Ashdod.
