Clothing giant MANGO pulls out of Bulgaria

World famous Spanish clothing and accessories giant MANGO is officially withdrawing from Bulgaria.

According to confidential sources, the background of the decision is the bankruptcy of the representative of the brand in Bulgaria, Atrium Bulgaria EOOD.

All shops and outlets of MANGO in Bulgaria /Sofia, Varna, Burgas, etc./ have been already closed for several months.

Atrium reported a substantial loss for the 2008- 2012 period, yet it continued its operation on the Bulgarian market. After the failure of the importer of the brand, it was rumored that the Spanish manufacturer is planning to return to Bulgaria by entering its products directly instead of through an importer.

According to of Econ.bg,citing data from the commercial Commercial Register, in February 2013 the last financial report of Atrium Bulgaria reports a net loss of BGN 21.45 million.

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.

Greek Spider is another famous clothing chain which is about to leave Bulgaria after an accelerated closure of its stores in the country. It had only one facility left on the Bulgaria Blvd in Sofia by the end of August.

Source: http://www.standartnews.com/