Spanish clothing retailer Mango has left the Bulgarian market, shutting down its stores in the country, mass circulation daily 24 Chassa reported on September 4.
The exit comes as a result of its Bulgarian partner, Atrium Bulgaria, being declared insolvent by a court order earlier this year, the report said. All Mango outlets in Sofia, Varna and Bourgas have been shut down.
The court declared the company insolvent as of December 31 2008, when the company first started posting losses, even though the company continued operating until 2013, with unpaid debts to banks, suppliers and landlords, 24 Chassa said.
Mango was one of the first European high-street retailers to enter the Bulgarian market, in 2002, several years before the economic boom – spurred by increased consumption, itself a result of cheap access to bank loans – brought other big-name retailers to the country.
Earlier this week, another retailer, Greece’s Sprider, announced it was withdrawing from the Bulgarian market – as well as Romania and significantly reducing the number of stores in Greece – because of poor financial results. The chain said that it has already closed four of five stores it had in Bulgaria.
(Photo: Sameer Vasta/flickr.com)