Marypaz, a low-priced Spanish footwear retailer, has filed for insolvency proceedings after a local private equity firm, Black Toro, which rescued the company in 2016, failed to find €15 million in working capital to pay suppliers, according to the daily Cinco Dias. In 2016, after a debt restructuring procedure, Black Toro took over Marypaz from the Aguaded family after injecting €30 million. The family still has a minority stake. Black Toro sought to organize a capital increase to shore up the retailer but failed to convince investors during talks held in the summer, Cinco Dias added. Founded in 1972, Marypaz has 229 stores in Spain, where it employs about 1,000 people.

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