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Kentucky's Shekel Crisis
Smart Service K&K, the operator of KFC restaurants in Israel, has petitioned the Beersheba District Court to appoint a temporary trustee, amid debts of nearly 50 million shekels and losses of 9 million shekels in 2024. The company operates 12 branches and attributes its crisis to the fallout from the war that began after October 7, 2023; a decline in customers, revenue, tourism and consumer spending; rising operating costs; and its inability to secure additional financing from its Russia-based owners because of sanctions. It has also asked to continue operating its branches temporarily after receiving financial claims and eviction notices, in an effort to limit losses and reach settlements with creditors.
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