• The resurrection of the 'middle class' of Spanish textile

The fashion company Amichi, which is owned by the Black Toro Capital fund, closes. The company, which faces a crisis for years, will close its stores and will make an ERE that will affect its nearly 500 employees, having not found a buyer to save it from bankruptcy.

The brand presented the bankruptcy proceedings last July and has already requested the judge to open the liquidation phase. Amichi has been accumulating losses for several years and has failed to adapt to the new reality of the sector. The gradual closure of some of its stores has joined the fall in sales and in August they started an ERE to make the first layoffs.

Amichi is a Spanish fashion brand that was created 30 years ago. He says, according to his website, "with a network of more than 160 stores scattered throughout Spain," among its own stores, franchises and the corners it has in shopping centers.

Its closure reflects the delicate moment in the fashion sector, especially medium-sized brands, which try to survive the power of the big chains (H&M, Inditex, Primark).

The textile sector is experiencing a moment of change in which the growth of electronic commerce has forced brands to reinvent their stores. The turnover of the sector fell 3.6% in 2018. Most companies are re-adapting their spaces to offer the customer a different on-site shopping experience.

This sector revolution has not only affected Amichi. Other brands that had a lot of weight in the national industry, such as Desigual or Adolfo Dominguez, for example, have also had problems to readjust.

In the case of the latter, he made a deep restructuring and in recent years has reduced losses and is coming out of the pothole. Others have not been able to survive, as is the case of Amichi and was once the one of Blanco, another emblematic Spanish brand, which broke down at the end of 2016.

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