A court of justice in Madrid has declared the start of insolvency proceedings for Coronel Tapiocca, the Spanish retailer of outdoor and travel apparel and accessories. After a meeting with the creditors, the court authorized the insolvency administrators of the chain to sell parts of it for €1.2 million to a Basque company, Gabascar. Last month, Gabascar said it would manage the sales areas of Coronel Tapiocca in the department stores of El Corte Inglés and in 23 out of the 30 stores that have leasing contracts. The Basque company also pledged to rehire the employees who work at these stores and to pay off the company's debts with regard to salaries and store leases, totaling up to €900,000.
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