Spanish Blanco Group files voluntary bankruptcy

Blanco Group, a leading Spanish apparel group, better known for

its Blanco Suite label, has filed voluntary bankruptcy due to the seriousness of its economic and financial problems and in order to achieve sustainability of the company, according to the company.

"Due to the severity of the economic and financial problems that the company has gone through since the economic crisis began in Spain and after months of hard work trying to overcome this, Blanco has been forced to seek voluntary bankruptcy declaration for all the companies forming the group, with the aim of achieving viability of the company and to protect the interests of its creditors, employees, suppliers and customers," said the textile company in a communication issued on Tuesday.

The company must restructure and adjust their size "to the new macroeconomic conditions" Blanco stresses that the "poor economic situation" that plagues Spain has forced the group to "undertake a thorough restructuring through bankruptcy, the appropriateness of size to new macroeconomic conditions, "plus the renegotiation of the debt with its major creditors."

The Spanish fashion brand has also recognised to be looking for "new funding expected from its lenders or through the addition of new partners."

Blanco is confident that his "strong foothold in the market", built through decades of "good work providing the best fashion products to a well-established clientele," and the "great potential of its workforce,” will allow the apparel group to get ahead in a relatively short time.”

Blanco currently has nearly 300 stores in 27 countries such as the United Kingdom, Spain, Portugal, France, United Arab Emirates, United Kingdom, Greece, Qatar, Morocco, Russia, Mexico, and the Netherlands, among others, in addition to online shops in Spain, Portugal and France.

The textile group, which employs nearly 2,000 employees, has been closing stores since last April, being its flag store in Westfields London one of the first international casualties.