Spanish footwear group Rumbo has not been able to negotiate a settlement with its creditors and will not be able to trade its way out of administration.

It received permission from the courts in Murcia, where it launched in 1980, to appoint administrators in June. It announced at the end of October that the administrators had not been able to avoid liquidation and the company will now begin to close its stores and sell of as much stock as it can.

Rumbo built up a chain of 70 own-brand stores, with a number of shops in Madrid and Alicante as well as in its home region. It was a stockist of brands including Geox, Lottusse, Clarks, Pikolinos and Pedro Miralles. It achieved revenues of around €25 million in 2019.

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