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Monday, February 26, 2024

Abencys steers Poète´s Insolvency and auction

Abencys has been the Insolvency Administrator of women fashion brand Poete, which is auctioned today as part of the procedure

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The Spanish women’s fashion company Poète goes up for auction today, through the platform of the specialised entity International Auction Group. The auction will end on 16 March. This company, owned since 2018 by the investment fund Eneas, was declared Insolvent in 2022 and, lacking viability, was dissolved and went into liquidation.

The auction of the “Poète” brand in order to find a new owner is part of this process, managed by a Restructuring and Insolvency team at Abencys led by partner Manuel Gordillo. In this particular case, the task of the Insolvency administrator consists of piloting this process, liquidating the company’s assets and paying the creditors’ claims, in accordance with the order established in the Insolvency Act.

The Spanish fashion company was founded in 2005, with more than 20 points of sale throughout the country, including its own shops and corners in the Corte Inglés department store. Like other firms in this sector, it was seriously impacted by the COVID-19 crisis.

Poète is one of Princess Leonor’s favourite Spanish fashion brands and once had almost thirty shops in Spain. It also had several corners in El Corte Inglés, but now only has two establishments, both in Madrid. In the process, only the brand and the right to use that brand will be auctioned, but the company’s stock will not be included.

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