案例库 · 财务与会计 · 财务决策 · 1975–2024
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A shoe chain was rescued from insolvency twice — the third rescue kept 16 of its stores
Marypaz survived insolvency in 2016 and 2019 under new owners; in 2024 an investor pulled out and the third rescue kept just half its remaining stores.
Marypaz · Crocea Mors · 2024-05-06
怎么回事
Marypaz was once Spain's dominant low-cost footwear chain, with roughly 400 stores across Spain, France, Portugal, Saudi Arabia, Kuwait and the Dominican Republic and around €200 million in annual revenue at its peak. The chain had already been rescued from insolvency twice: Black Toro Capital stabilized it after a 2016 filing with €30 million in debt, and investment group Crocea Mors bought it out of a second insolvency in 2019, keeping 125 of roughly 200 remaining stores and about 650 of the workforce.
The network kept shrinking anyway. By early 2024 Marypaz was down to around 32 stores and 276 employees, with cumulative operating losses of about €18.1 million since 2020, and revenue falling from €33 million in 2022 to under €30 million in 2023. Crocea Mors had been negotiating with a Portuguese investment group for fresh capital; when that group withdrew unexpectedly, the company had no fallback and filed its third concurso de acreedores on May 6, 2024, at Seville's Commercial Court, with debt of about €21 million owed mostly to suppliers, banks and social security.
The insolvency administration found a buyer within three months: Catalan franchise executive Xavier Güell, through his company Moda Bella Trade International, agreed in August 2024 to acquire the Marypaz brand along with only 16 of the 32 remaining stores and about 88 of the 276 jobs — a fraction of a business that had already been cut down twice before.
为什么会这样
- Two rescues in 2016 and 2019 treated insolvency as a resettable event rather than a sign the low-cost retail model kept losing ground — each new owner shrank the store count and called it stabilized.
- By 2024 the recovery plan depended entirely on one investor group closing a deal; when that single prospect withdrew, the business had no fallback and filed again rather than negotiate from strength.
- Each successive rescue preserved a smaller fraction of what came before — 125 of 200 stores in 2019, then just 16 of 32 in 2024 — a chain rescued into irrelevance rather than back to health.
教训
A second rescue that only slows the shrinkage isn't a turnaround — if the store count keeps halving with each new owner, the next insolvency is already scheduled.
后来呢
Xavier Güell's Moda Bella Trade International took over the Marypaz brand and 16 of its remaining 32 stores in August 2024, pending court ratification, keeping the chain alive at a fraction of its earlier scale after three insolvency filings in eight years.
资料来源
- Marypaz, de nuevo en concurso de acreedores con 21M€ de deuda — Pinker Moda
- La administración concursal de Marypaz aprueba su venta a Xavier Güell — FashionUnited España
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