El Corte Inglés to sell its Los Arcos and Bahía Sur stores
Spanish department store chain El Corte Inglés has reached an agreement with Castellana Properties to sell its Los Arcos store in Seville and its Bahía Sur store in Cádiz for €36.8 million.
With the sale forming part of the group’s strategy to divest itself of non-strategic assets, the funds raised will be used to reduce group debt.
Both stores will remain active until 30 September when Castellana Properties will take charge of both sites.
In a statement, El Corte Inglés said the 378 employees of both stores will be guaranteed jobs in one of its stores in their local province. It added: “In that regard, the human resources department will establish an action protocol to try to match each person’s wishes, proposing positions which are in line with their professional profiles.”
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