Judge authorises sale of Yanko shoe firm for 2.9m euros

PALMA
A JUDGE has authorised the direct sale of the assets of the Inca-based shoe factory Yanko to the company Koyan 003 SL, which had offered 2.9 million euros.

This sum is divided into 1'150'000 euros for the firm, including fittings, machinery, computers, stock of leather, and other materials and elements of the factories in Inca and Llucmajor as well as the right to let the factory in Calle Binissalem in Inca. The balance was offered for the rights to the brand names Yanko, Rover, and Pepe Albadalejo.

The judge's decision means that a new business group, with capital from the leather sector of Inca and Ubrique (Cadiz) can now start work to refloat the company.

The sale of Yanko to Koyan had been recommended on December 29 as it had a viability commitment signed with the Balearic government and the trade unions which guaranteed improved compensation for the workers who lost their jobs, and a promise to keep production in Majorca. Koyan, unlike the other offer from N + 1, had also agreed to keep on the 30 workers who remain in Inca.

Union official Baltasar Piñeiro lamented the long delay in reaching the decision because of its negative effects. It meant that six more workers had lost their jobs because their contracts expired, and a season's work had been lost.

The unions also appealed to the government to ensure that the workers were paid compensation as soon as possible.
Once the sale is completed, Pedro Galindo will be the visible head of the firm.
He has leather factories in Ubrique, Cadiz, and is associated in Koyan with Antoni Llbera Barceló, of the leather sector in Inca.
Yesterday they both said that they were eager to get to work as soon as possible. They said that what was important now was to not lose any more time and start to refloat the company as quickly as possible.

A committee will follow the company's progress over the next six years to make sure the agreements are maintained.
Yanko will retain the stock of footwear in shops outside Majorca, contracts with foreign distribution companies, the results of various lawsuits and customer debts which come to about 400'000 euros.