El Corte Inglés en serios problemas estratégicos. […] Even at group level, El Corte Inglés is barely profitable. For 2014 it posted net profits of €118m on sales of €14.59bn […] […] The group has not paid a single euro in tax over the past four years. On the contrary: in 2015 it received a tax refund of €103m, and the year before of €126m […] […] employs more than 90,000 workers. Only the Spanish state has more people on its payroll. […] […] “There are two El Corte Ingleses right now,” says José Luis Nueno, a professor at IESE business school. “They have a small group of stores — maybe 15 or so — that are tremendously profitable and valuable. But there are also many that should never have been built.” […] Spanish retail: Deep cuts in store – FT.com One by one they stepped out of their limousines, a sombre, black-suited roll call of Spanish power. Banker followed business leader, minister followed media mogul, a princess left and a veteran socialist arrived. They had come to pay their respect ft.com