G. Willi-Food’s sub terminates operations, firm expects Q2 revenues will grow 41%
Provider of kosher food products G. Willi-Food International Ltd. (Nasdaq:WILC), said this morning that its U.S. subsidiary, WF Kosher Food Distributors, has aborted operations immediately due to a just discovered misrepresentation of the operations and assets of Laish Israeli Food Products, an entity recently acquired by WF.
WF said it has filed a complaint in the New York Supreme Court against the seller of Laish Israeli Food Products for losses incurred as a result of the inaccurate representations made by the seller in connection with the sale of Laish assets to WF.
Separately, G. Willi Food said that it expects fiscal 2008 second-quarter revenues to increase 41%, compared with the same period a year ago. The hefty revenue assumption is based on the convergence of Shamir Salads’ financial results and the Danish dairy distributor division into Willi Food's balance sheet.
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