A Spanish clothing giant went bankrupt, causing losses of 50 million to Wenzhou companies

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A Spanish clothing giant went bankrupt, causing losses of 50 million to Wenzhou enterprises

Reporters learned yesterday from the Wenzhou office of China Export and Credit Insurance Corporation that nearly 10 companies in Wenzhou will suffer losses of more than 50 million yuan in loan payments due to Spanish clothing industry giant BLANCO entering bankruptcy proceedings. China Export and Credit Insurance Corporation is actively helping insured companies register bankruptcy claims in Spain.

According to reports, BLANCO was founded in the 1960s and has 300 stores in 27 European countries and more than 2,000 employees. Export companies generally believe that large and old buyers like BLANCO have good reputations and do not need to worry about accounts receivable risks. It is this blind optimism about the so-called big buyers and old buyers that caused garment export companies to pay a heavy price in the BLANCO bankruptcy incident.

Since the European debt crisis, the economies of many European developed countries have fallen into a downward spiral. Sluggish consumption and high unemployment have directly led to losses and bankruptcy of some retail companies. BLANCO has experienced serious economic and financial problems since the Spanish financial crisis. After several months of efforts, it is still unable to restore the situation.

In recent years, news of similar fashion brands filing for bankruptcy seems to have continued. Experts from the Wenzhou Office of China Export and Credit Insurance Corporation reminded Wenzhou export companies not to blindly believe that big buyers and old buyers will not incur risks. In this incident, although some export companies had learned the risk information from the company, they were still blindly optimistic about the buyer’s strength and continued to supply goods, resulting in further expansion of losses. As for the more than 50 million yuan in accounts receivable currently owed by BLANCO to Wenzhou export companies, only 410,000 yuan is insured by export credit insurance, and the remaining accounts receivable cannot be effectively protected at present. (

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