Adveo Spain's liquidation: What went wrong for the €500m-turnover distributor?

After several years of woeful financial results and failed restructuring efforts, Adveo Spain and Calipage Spain have requested to enter liquidation. The Madrid-based firm was reborn under the Adveo banner in 2012, following its enormous acquisition of office products wholesaler Spicers for around €210m and its 2009 acquisition of electrical office supplies distributor Adimpo. At the time, it said the new "Adveo" name was synonymous with "dynamism, being alive and going forward." ...