Marypaz are going through occupational slimming as they laid off 170 employees and shut 41 selling stores in Spain. Apparently, the difficulties the Spanish brand is dealing with are never ending: after facing a crisis and enjoying a last-minute rescue last year, they have stopped again. Marypaz supply and distribute over five million pairs of shoes every year.
Marypaz occupational slimming
Marypaz have been negotiating with trade unions to reorganize the company while facing a new scenario brought along by Covid-19 pandemic. As reported by Modaes, allegedly the company is planning to dismiss 170 out of 600 employees announced at the end of the year. In addition, some retail workers will supposedly receive unemployment insurance, considering they are going to shut 41 out of 125 overall selling stores running in the Spanish market.
From riches to rags
Over the last few years, Marypaz, which sell low and mid-end shoes, have fallen down from riches to rags. After becoming one of the largest footwear companies in Spain, thanks to a sharp and rapid business rise, in April 2016 they started going through financial difficulties. In the same year, in September, Black Toro Capital, a Spanish fund, bought them out. Yet, in the last months of 2019, the same fund decided to give up and not to carry on with such investment. At the end of October, the company filed, before the Court, an application for bankruptcy and subsequent wind up. At this point, Álvaro Pellón, a financial entrepreneur, has stepped into the deal, through Crocea Mors enterprise, and bought out the business. Unfortunately, CRV epidemic broke out a few months later.