The restructuring specialist implemented a wide programme that has enabled the acquisition of Blanco by the Saudi specialist group Fawaz Alhokair, providing a sustainable future for the brand as well as preserving jobs.
Madrid (Spain), 19 March 2014 – Gordon Brothers Europe, the retail-restructuring specialist, has successfully supported the business restructuring of the ailing Spanish fashion retailer, Blanco, who filed for voluntarily bankruptcy protection on 3 June, 2013.
Gordon Brothers Europe was appointed at that time to provide operational expertise and capital to help the Spanish retailer. The firm has worked closely with Blanco, assisting them in the management of all in-store activity, negotiating with suppliers, handling marketing and helping to generate vital cash to ensure the continuity of operations in the short term and maximise turnover. The work of Gordon Brothers Europe has enabled the administrator to reach an agreement with the specialist group Fawaz Alhokair, headquartered in Saudi Arabia, to acquire the business, providing a sustainable future for the brand and preserving many jobs.
Gordon Brothers Europe developed and implemented a programme that alleviated immediate stock pressures. A store closure and sales programme was implemented and funding, through the purchase of inventory, was carried out to provide immediate liquidity. This allowed the business to continue trading and most of the stores remained open.
Commenting on the deal conclusion, Malcolm MacAulay, COO at Gordon Brothers Europe said: “Gordon Brothers Europe’s expertise in restructuring and streamlining processes has been successfully trialled and tested. We have worked closely with the Blanco Management team to help increase its cash value in order to ensure the continuity of the business and maximise turnover.”
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Blanco is a Spanish company specialising in the design, production, distribution and sale of all types of accessories and clothing for the modern woman and man. Headquartered in Madrid, Blanco currently have over 200 shops spread across 20 countries. In 2011 Blanco launched its e-commerce project www.blanco.com in Spain and Portugal and later November 2012 in France. BlancoACCESSORIES, dedicated to the marketing of lingerie, swimwear and accessories and BlancSTOCK, outlet stores, which sell previous collections with up to 70% discount, complete the fashion offering.