Economic Crisis Dealt a Blow on Spanish Apparel Sector, Whose Sales Dipped 21 Percent

The economic crisis years of 2008 to 2012 dealt a heavy blow on the Spanish textile and apparel sector, whose sales dipped 21 percent during the period, according to an Europa Press report.
 
The report says that about 46,300 jobs were lost in the Spanish textile and garment sector between 2008 and 2012 due to closure of 4,158 companies during the period.
 
Victorio & Lucchino and Hakei were among the firms that filed for bankruptcy during the years of economic crisis.
 
The trend of filing for bankruptcy proceedings has continued this year, and Candy Galician textile group as well as White requested creditors to restructure their debt.
 
In March 2013, retail sales in Spain fell by 10.9 percent year-on-year, according to the latest data from the National Statistics Institute (INE).
 
However, some Spanish companies like Inditex, Desigual and Mango, which have presence abroad, have found a lifeline in emerging markets of Asia and the Middle East, as well as Russia, where their exports/sales are increasing.