Imaginarium faces a turbulent period. Rather than retreat, the Aragonese toy company is carrying a heavy debt load that threatens its future. In recent years the business has shrunk to a precarious size due to the crisis it helped spark. The leadership team insists all is set to present a bankruptcy request in court, yet they also claim a plan to revive dwindling sales by opening eight new stores. The organization remained in Spain through the year’s end, driven by a desire to rise from the ashes rather than fall apart.
The company has spent roughly two years in a pre-bankruptcy phase, though a government moratorium meant to soften Covid’s economic impact stopped the obligation to file for judicial bankruptcy. Known worldwide for its pioneering educational toys, the chain nearly disintegrated five years ago but was saved when a group of international investors, led by Federico Carrillo Zurcher, acquired it. This Costa Rican lawyer has since continued to steer the venture, and by the start of this year nearly all shares had been consolidated under a single ownership group (about 99.94%).
The initial steps toward recovery have begun. The toy retailer now controls only two of its property locations within the nation, with one in Zaragoza and another in La Coruña. In Zaragoza, the Aragonia shopping center site was closed last Saturday, and a move was made to Calle León XIII, number 23, where a new location is expected to debut later this weekend. In La Coruña, the Betanzos Street store has shuttered, and work is planned this week to launch a new central outlet that has not yet been disclosed.
Company insiders say a bankruptcy filing is imminent, but they hope to maintain continuity rather than a complete closure. The aim is to emerge with renewed strength and momentum. Yet statistics from what was once called a suspension of payments show a sobering reality: about nine out of ten firms entering this phase end in liquidation. This backdrop makes the envisioned recovery all the more challenging and the stakes higher for the brand.
Active search for investors
There is a belief that the business can survive if it strengthens its physical retail presence and intensifies the search for new investors. The strategy includes reactivating store openings and leveraging partnerships already in motion. As part of this effort, Federico Carrillo has pursued a broader international expansion, pursuing nine outlets in Greece with a location at Athens airport through a children’s fashion distributor, Lapin House. The plan also includes re-energizing activities in Turkey via a master franchise that has already opened one store and intends to open another before year-end.
The focus remains on restoring growth where it matters most: in the streets and in regional markets. In Spain, the goal is to stabilize operations and accelerate revivals in Zaragoza, with a short-term strategy to open one or two new locations while keeping the León XIII move intact. The broader objective is to finish the year with ten operating stores in Spain, adding eight more under franchise agreements and consolidating current transfers. Management emphasizes a return to a local, street-level footprint rather than relying on malls or large shopping centers to power the business forward.
Industry observers note that the path to revival hinges on a combination of financial restructuring, disciplined store rollout, and strategic investor engagement. The company continues to stress its commitment to a living, breathing network of toy-focused educational spaces, where hands-on experiences and community ties can help rebuild customer loyalty. Markers of momentum will be seen in the pace of new openings, the readiness of partner networks, and the strength of investor interest. [Source attribution: Imaginarium case review]