The manufacturer of the popular weeping babies enters the creditors. BMI TOYS, for years the largest toy company in Spain, has been forced to enter into competition when the conversations with banking fail which had had almost a year to restructure its debt. The negotiations did not come to fruition, so the Catalan company had to react despite having an offer to enter the capital.
Therefore, the Mercantile Court number 2 of Barcelona – the same in which the restructuring of the Siderúrgica Cessa was settled – declared the Catalan organization in competition. The procedure comes, of course, by the hand of a proposal to buy the productive unit of an investor not revealed. However, creditors who personate in the case may present the allegations they create convenient and Other potential buyers have the possibility of presenting a binding proposition.
To channel the contest, Lexaudit has been appointed as a bankruptcy administrator.
The procedure comes after months of searching for investors in which the organization has been advised by KPMG and Garrigues. Albert Ventura himself, CEO of the group, explained to electionomista.es who was looking for both a minority partner and someone who purchased 100% of the company according to the investor’s characteristics. Today the capital formed by 18 shareholders, especially former managers and small local entrepreneurs.
The firm negotiated with the bank the restructuring of a liability that was around 60 million euros. And according to the sources consulted, the agreement broke before Caixabank’s refusal to sign the terms of refinancing. Hence it ended in contest.
BMO toys has had to keep the investment to feed and promote articles With, for example, an animation series available in Netflix. This need has implied that, in the context of a sales fall, he could not cut the debt in recent years.
In parallel, Billing descended from 150 million from 2021 to 93.4 million in 2023the last audited exercise. The company undertook an employment regulation file (ERE) for 34 people in 2023 and 45 positions were eliminated between contracts that were not renewed and the subsidiaries of Hong Kong, Germany and the United Kingdom. Right now, the company has 135 workers.
In addition, the group chose to sell an industrial ship that had in Sallent (Barcelona) to finance a capital increase in order to gain time and liquidity.
The chronology of IMC Toys problems started in 2018, when it landed in the United States to accelerate its international expansion. It was its largest market and therefore the one that needed the most. It undertook, but the company first suffered the COVID and then the tensions in the supply chain. “In 2021 we paid five or six times the normal costs and above a lot of product we were late, after Christmas,” Ventura lamented in statements to this medium in June.
Since then the situation has not improved excessively in an industry that decreases in recent years, with a 2022 in which they were affected by the rise in types and war at a time when they had too much Stock. “In 2023 the sector fell again and in 2024 the tonic is the same,” he added.
These are global circumstances that have also been seen outside the national market in the face of a concatenation of different factors, from the constant fall of birth in aged countries in Europe to the commercial pressure of Chinese manufacturers and changes in childhood consumption habits.
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