Seroussi, who was accustomed to receiving offers to buy two years ago worth “hundreds of millions of euro”, now said he is unable to find a buyer for his company. J&R Enterprises was founded in 1990, and currently has operations in textiles production and retail. It is one of the major players on the local market.
Seroussi said he is willing to sell for “a fair price,” but declined to specify what he considers that price to be. “If I were to receive a good offer, I would sell, but who is willing to buy such a company now? Those who buy a business are planning to make a profit, not to lose money,” he told Business Standard.
Amid this global crisis, the company has shifted its strategy, repositioning the Seroussi brand from the premium to middle level, in order to attract more clients for lower priced products. The move will help the company remain on the market. “The [new] line, for both men and women, will be available in stores as of next year. Products will cost half the old prices, because this is better than not producing at all,” he said.
According to Seroussi, local companies producing textiles for export are among the hardest hit by the financial crisis. “If there is no one left to buy, then one has no clients to produce for. That is why those who export most of their production are unable to hang on, and have started closing down their businesses,” Seroussi added.
