Riojana group Oxium buys Astore for 60,000 euros
This purchase will close the sale of the four parts of Newfoundland Group, which consisted of the conglomerates of Flowers on Mount Newfoundland and Achievements.
The Riojana club Oxium has acquired the historic brand of sportswear Astore for 60,000 euros (72,000 euros VAT included). This sale was the last to be closed last autumn within the group that formed Loreak Mendian, together with the brands Ternua and Lortu.
Oxium is linked to the well-known company Mas por Menos , which before making the final purchase, Mas por Menos acquired the stock of the Arrasate brand last January and has now acquired the same Astore, although the price is lower than originally set by the insolvency administrator, since its initial value was 150,000 euros.
The sale took place in March.
The transaction thus allows access to the final stage of the insolvency proceedings, the sale of which took place in March and which has been notified to all parties participating in the competition a few days ago.
In this way, the difficult situation caused by the serious timing of the textile and outdoor market at Newfoundland Group has been resolved quite quickly, giving priority to local roots and monitoring of brands and production units.
From the point of view of employment, around 100 jobs will be maintained, respecting the subrogation, seniority and rights of workers, and facilitating an orderly and satisfactory exit for those who would not remain in the group.
Some 70 workers included in the collective file received compensation totalling more than EUR 2.5 million, without having to go to Fogasa.
End of sale of Newfoundland Group
In this way, the Ternua Group's creditor competition processhas been definitively closed. A year ago, this situation caused great concern in the Alto Deba region.
In the case of Loreak Mendian, it was acquired by former creators; in the case of Lortu a, it was acquired by the company's employees; and Newfoundland, a cooperative linked to Mondragon, Diknua .
Now, it remains to be seen what strategy Oxium will develop with the historic brand of Arrasate, but the goal seems to be to continue the product.
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