Eureka Shoes, one of the best quality Portuguese shoe retailers, is to close its doors in Portugal.
According to the company’s site, it is “disconnecting” from the Portuguese retail market by closing all of its 13 stores.
“The network of Eureka stores is to gradually disconnect over the coming weeks,” states the information on the company’s site. The holding group which owns Eureka once had 30 stores in Portugal and three overseas franchises.
Izilda Garcia, Eureka’s Chef Corporate Office, has confirmed to news sources in Portugal that the company would “close down its entire network of stores”.
“It was a decision taken by the board to entirely shut down the remaining stores in the group since it doesn’t have the financial capacity based on the company’s current model to meet retail needs and in financial terms,” the company’s founder Alberto Sousa told ECO via his lawyer.
Although the firm employs 32, according to the lawyer “the company will not have to collectively lay off most of the staff who will be transferred to other companies owned by the group”.
In 2018, the company founded by Alberto Sousa issued its first warning signs that the business was not going well with a debt of €22 million owed to 622 creditors.
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