Tino González on the market in search of buyer to avoid closing

Tino in search of a buyer to avoid closing. The Spanish footwear company, which started in the eighties is considering “all options” to avoid liquidation, as explained by Valentin González, founder, and CEO, to MDS. 

The company contemplates both sale and a possible merger or even the entry of a partner. Tino González came to start talks with a Mexican group for a potential sale of the Spanish business, but alas the process was not completed. Currently, the company having discussions with main groups in the footwear sector.

In parallel, the company has begun to part with its network of stores with block transfers. The footwear company has already agreed on two assignments and is negotiating another two, which would transfer 50% of its commercial park, consisting of 42 stores. In total, Tino González employs more than 500 people. 

In the fiscal year 2019, the company made purchases from suppliers to continue maintaining operations and opted to buy in bulk to gradually market the product during the season. “This causes the collections to suffer,” says the businessman. Tino González expects to close this year, which ends on January 31, with a small drop in revenue but in losses.