Worten, the Portuguese chain of establishments belonging to the Sonae group, is continuously experiencing losses in Spain. As a result, Worten closed 17 establishments and remained with 47, of the 60 it had. Of the total stores closed, eleven closed last year, three in January and another three last June. The company has entered into dissolution on several occasions and, according to its auditor, PwC, has not provided all the information required to guarantee a viability plan.
Worten was founded in Portugal in 1996. However, Worten entered the Spanish market in 2008, when it acquired Boulanger and its 9 physical stores. However, things have not gone well. In the last two decades, the retail chain has lost €385 million.
Despite carrying out numerous adjustments and restructuring and having already been forced to launch an ERE (Employment Regulation File), the group has not been able to turn the situation around. In 2018 the company added some red numbers of €26.2 million, which is five million more than a year earlier. According to PwC, the situation has become even more complicated in 2019, with red numbers at the end of the first half.
Worten is now focusing more on its digital channels, which have almost doubled their activity compared to last year. The company says this approach is part of its plan to improve the profitability of its operation in Spain. “However, Worten also insists that it remains committed to its operation in Spain and will continue to adapt its strategy to the new challenges of the market, accelerating its digitization”, El Economista explains.
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