According to Bloomberg, the fashion chain, which belongs to Spanish textile group Inditex, is looking to raise 400 million euros from the sale of the real estate, which it is offloading due to a rise in online sales.
The company is reportedly aiming to switch to a sale-and-leaseback operation, becoming tenants of the properties in question for a 20-year period, although the new buyers of the shops – 14 in Spain and two in Portugal – could see them vacated within five years.
Inditex’s revenues amounted to 11.7 billion euros during the first half of this year, fuelled by a rise in Internet sales, an area in which the clothing retailer intends to focus its efforts.