Rumbo has entered into a voluntary arrangement with creditors in an effort to reorganize its business. According to La Verdad, which first reported the news, the case is being processed by the Commercial Court 1 of Murcia, in southeastern Spain, where the multi-brand shoe retail group is headquartered. The legal firm Gescon Auditores y Abogados has been entrusted with the administration of the case. Rumbo posted stable revenues of around €23-25 million over the past five years, but the latest known financials, related to 2018, indicated that debt had reached €7.5 million, of which around €4 million in the short term, explains La Verdad. Founded in 1980 by José Meseguer, Rumbo has 68 stores across Spain and a total workforce of around 300 employees, mostly women. The stores operate under the Rumbo banner as well as other names like Rumbo Niños, Cancha, Toopsy, Marca Hispánica and Shoe Mart.