The Black Toro Capital fund has applied for the creditors' contest the footwear and accessories company for women MaryPaz , with a network of more than 200 stores and about 1,000 employees , as they have informed Europa Press in sources familiar with the process.
Specifically, the company faces a new contest due to the impossibility of not being able to meet its working capital needs, about 15 million euros, in order to pay its suppliers.
This is the second contest of creditors in which the Andalusian company is immersed after in 2016 it emerged victorious from another after reaching an agreement with its creditors and giving entry to Black Toro Capital , which allowed it to strengthen and enhance the development of the National and international business.
At that time, Black Toro Capital made a first investment of ten million euros to make the purchase of the autumn-winter 2016 campaign and, after the exit of the contest, made a second one worth 20 million euros that allowed him to put The new Strategic Plan 2016-2021 is underway.
With more than 40 years of activity, the company has presented in the commercial court of Seville the declaration of bankruptcy process in the absence of financial support from the banks to provide the company with the necessary working capital, as indicated by the company itself.
Distrust of the banks
Despite the efforts made, the firm has affirmed that the necessary support to continue with the business development plans has not been found in the financial sector.
"The distrust of the banks, fueled by the difficulties that the retail sector is going through, has been aggravated by the changes in the banking regulations that oblige the entities to provision the credits of the sectors in crisis, a context that has meant for the The company's credit capacity is a major obstacle, "the firm said.
The Sevillian multinational Marypaz, with 200 stores in Spain and 19 abroad, closed last fiscal year (from March 1, 2018 to February 28, 2019) with sales of 98.8 million euros, which means an increase of 16% over the same period of the previous year. Billing through the online channel, meanwhile, increased by 26%.
Likewise, the gross operating result (ebitda) approximates the breakeven point, after the company went out of bankruptcy at the end of 2016 "in record time", and with the support of the Black Toro Capital fund. In this way, Marypaz expects to score a positive ebitda in 2020.
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