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.

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