As of: February 25, 2024, 6:11 p.m
By: Mark Stoffers
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One of Spain's largest wine producers has to file for bankruptcy.
There are allegations of fraudulent mismanagement and embezzlement.
Bodegas Lagunilla – A popular wine producer has gone bankrupt.
This means that the Spanish wine producer Marqués de la Concordia Family Wines (MCFW) joins a whole series of well-known companies and traditional companies that have had to file for bankruptcy in recent months.
Popular wine manufacturer is insolvent: Spanish wine producer initiates bankruptcy proceedings
One of the best-known examples is the insolvency of the Signa Group, which left the Austrian billionaire René Benko a “broken man”.
As a result of the bankruptcy, Galeria Karstadt Kaufhof, KaDeWe in Berlin and SportScheck also slipped into bankruptcy.
Three popular confectionery retailers in Germany and the cosmetics giant The Body Shop experienced a similar situation.
One of the largest wine producers in Spain is going bankrupt, reigniting the debate over the viability of winemaking in the country.
© Clara Margais/dpa
Now, according to
Food Newspaper,
one of Spain's largest wine manufacturers has also gone bankrupt.
As can be seen from the Spanish commercial register, MCFW accumulated more than 64 million euros in debt in 2022 with a turnover of 33 million euros.
One of Spain's largest wine producers files for bankruptcy: embezzlement and mismanagement?
According to reports from several daily newspapers, the insolvency proceedings should clarify whether the bankruptcy was due to fraudulent mismanagement.
Accordingly, there is an accusation that a former managing director of the parent company The Haciendas Company Ltd (THC) embezzled 45 million euros from the extensive network of companies.
THC is registered in the UK and belongs to the Spanish Corporación Financiera Arco SL.
Wine manufacturer is insolvent: Impact on Germany's supermarkets - Lidl range affected
In Germany, MCFW wines are sold in the Lidl online shop, among others.
Along with Italy and France, Spain is one of the largest wine producers in Europe.
The insolvency of MCFW is fueling a debate that has been going on in Spain for a long time: Is Rioja production still worth it?
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After all, the growing area in the north of the country has been struggling with overproduction for several years.
This fact alone has an impact on prices, which are already at low levels.
According to local winemakers' associations, there are currently 938 million liters of Rioja stored in the region's barrels, which is lacking opportunities for sales.
International wine manufacturer files for bankruptcy: MCFW joins a large list
While Germany is suffering from a shortage of skilled workers and companies still have a large list of cancellations, several other companies have had to file for bankruptcy for a variety of economic reasons.
In addition to an Austrian luxury company, there is a well-known automotive supplier and the two car manufacturers Sono Motors and ElectricBrands.
A well-known food manufacturer also had to announce bankruptcy.