Galician textile company Nanos files for bankruptcy to try to maintain its business

textile group Depositsbenchmark for children’s fashion in Galicia, he requested bankruptcy try to reach agreements that enable the refinancing of outstanding obligations and thus try to make the company viable.

“The international crisis led to a stagnation in consumption, especially in the children’s fashion sector, as seen in recent years. If we add to that the low birth rate and the increase in the price of raw materials, the situation led us to this decision after we tried to fix it with a large capital contribution to make the group sustainable”, explains the person in charge of the company. A family business founded in the early sixties by Roberto Martínez Cortes and Pilar Martínez Sanjuán, it is now managed by the second generation, consisting of nine siblings, six of whom work in the company.

Nanos group currently has 40 shops, mostly in Spain, although it also has a commercial presence in Hong Kong, Macau, Taiwan, the United Arab Emirates, the United States or Venezuela. His staff consists of 120 workers, of which 50 perform their work in Galicia. More than a year and a half ago, the company moved its headquarters to the Bergondo industrial area.

Among the achievements of the company, which competes in the high-end fashion segment, is the opening of a store in 2012 in the Harrods department store in London, making it the first Spanish children’s fashion company present in this famous commercial area.

Drop in billing

According to the latest available accounts of the company, which correspond to the financial year 2021, the company collected slightly more than 8.2 million euros per year in that year, 23% more than in the previous year, marked by the outbreak of the pandemic and isolation, but half of the 16 million that was charged in 2015, just six years earlier. In addition, the report shows that the company closed the last five years in the red, with losses of close to three million euros in 2020 and 2021, according to data available on the Informa platform.