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The franchise operator of Zara and two other popular apparel chains will close all of its stores in Venezuela in the next few weeks. Zara, along with Pull&Bear and Bershka, are owned by Spain’s Inditex SA and have been operating as franchises in Venezuela since 2007. The franchise is managed by Panamanian-based company Phoenix World Trade, run by Camilo Ibrahim. The three retail brands have already gradually shut down outlets in Caracas malls, with some displaying new logos and names followed by the words “coming soon.” By Nicolle Yapur and Rodrigo Orihuela. Full Text->BloombergNews
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