The Spanish cooperative retailer Eroski said today that it plans to close 71 IF branded perfumeries in its home market, in order to try and solve its debt obligations to creditors.
Eroki has been the majority shareholder in IF since 2001, and in 2006 it acquired a 40% stake in its parent company, Daparger. At the end of the 2012 financial year, Darparfel had debts totaling €43 million, and it's turnover had dropped by 11%.
A spokesperson for the retailer said that the closures "are just part of the reorganisation of the networks in this sector. Perfume and cosmetics are in general suffering a decline in sales due to a marked fall in consumption".
© 2014 - European Supermarket Magazine by Paula Martin
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