The famous Spanish department store chain El Corte Ingles considering selling corporate bonds to improve their finances.
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According to the Spanish newspaper El Confidencial decision is not yet made, but the chain El Corte Ingles is studying opportunities in light of the difficulty of getting credit from the banks.
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Financiera El Corte Ingles is Spain’s by far the largest mortgage companies in consumer goods, with a turnover of over six billion Euros last year. In order to finance loans to their clients needs, however, the company’s liquidity, which is increasingly difficult to achieve by the Spanish banks.
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The famous Spanish department store El Corte Inglés, which has for decades been a symbol of the bourgeoisie upscale shopping habits, has just concluded negotiations for the refinancing of 70 percent of the El Corte Inglés billion debt.
Thus it seems that the retail chain El Corte Inglés launch of new threats of closures and layoffs mass.
We have succeeded in El Corte Ingles to reach a renegotiation of the 76 percent of the debt that amounts to a staggering 5 billion Euros. The debt is so large that it was necessary to distribute it over several of Spain largest banks, Banco Santander, La Caixa, BBVA, Banco Sabadell, Bankia and Banco Popular.
El Corte Inglés has a property portfolio estimated at 18 billion Euros, 83 supermarkets, 39 Hipercor and 253 convenience stores (Supercor, Supercor Expres and Opencor), 68 Sfera-fashion stores and 107 Optica 2000. The department stores El Corte Inglés on the Costa del Sol are in Puerto Banus, Marbella, Mijas and Fuengirola to Malaga.
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