By Euro Weekly News Media • 26 April 2013 • 22:00
SOLVENCY problems for clothing label Caramelo will force redundancies and the closure of some stores. The company has also applied for a creditors’ meeting to ensure viability.
At present Caramelo has 398 employees, 15 shops, 11 franchises and 102 outlets in El Corte Ingles. A 2008 cash injection of almost €30 million from the Inveravante investment group gave its chairman Manuel Jove a majority stake.
Caramelo, like many Spanish clothes manufacturers is Galicia-based but like Adolfo Dominguez – and unlike Zara – it has not weathered the crisis.
In 2011 it had a turnover of €38 million and losses of €11.5 million. Last year Jove injected another €16 million but turnover fell to €30 million with operating losses of €15 million, sources revealed.
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