White Enters Bankruptcy

White has just presented the voluntary insolvency proceedings in the commercial court No. 8 in Madrid. After many months avoiding this action through various settings in your company, the debt burden was insurmountable. As reported by El White bankruptcy is “the major presented by a company of fashion in Spain since the beginning of the crisis”.

The close to 300 million euros that Bill White a year have failed to prevent a competition of creditors a debt behind which, in 2011 in the register data, finished with his society Diagomoda with 24 million euros of financial debt, with progress and design with other EUR 48 million and 46 million euros of debt that deal to pay providers. In total 118 million euros of debt in 2011, according to data from several of their societies.

White has filed bankruptcy for their societies advance and design, Diagomoda, stores white Spain and white international fashion. From here you have four months to reach an agreement with its suppliers.

White economic problems had caused delays in the payment of wages (with websites dedicated to this issue, as Suiteblanco does not pay), suspension of incentives to workers, the reduction of the workforce, the sale of commercial premises keys, non-payment providers…

This process may have had other finish if off white to handle possible sale had finished at fruition, as reported by El. In April the negotiations broke and white was left without the possibility of having a buyer of part of its premises or the full batch of your business, on a 240 shops at the moment in Spain. In total 270 stores in 23 different countries.