High-street fashion store Blanco goes into receivership
Wednesday, June 5, 2013 @ 10:06 AM
SPANISH clothing chain Blanco has gone into voluntary receivership amid 'serious financial and economic problems', say official sources from the group.
The budget high-street store, which has 300 shops in 27 countries and 2,000 employees, says it is hoping to refinance itself with credits from banks and shareholding directors.
This decision was made in a bit to 'achieve economic viability' for the firm, which is headed up by Bernardo Blanco, and to 'protect the interests of creditors, staff, customers and suppliers'.
A massive restructure has meant scaling down 'to reflect the current economic climate' as well as searching for finance and 'renegotiating' its debts with its main creditors.
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