Opening up
A debt hangover is forcing some family firms to seek outside help
OUTSIDE scrutiny is not something that El Corte Inglés is used to. Europe’s largest department-store chain, with annual sales of more than €14.5 billion ($18.5 billion), has until now been entirely in the hands of relatives of its founder, Ramon Areces, and of employees. However, a row has burst into the open over its board’s recent decision to sell a 10% stake to a Qatari investor for €1 billion.
This article appeared in the Business section of the print edition under the headline “Opening up”
From the September 12th 2015 edition
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