EPISODE · Apr 11, 2025 · 9 MIN
张小泉的麻烦，剪不断
from 虎嗅·商业有味道
4月2日，“张小泉集团及法定代表人等被执行31.3亿”的话题冲上百度热搜，将这个拥有近400年历史的老字号推向风口浪尖。一个由激进扩张、关联担保交织而成的资本困局逐渐浮出水面，不仅威胁着张小泉的控制权稳定，也折射出中国传统品牌在资本浪潮中的转型阵痛。注册资本仅1681.7万元的张小泉集团，为何背负了数十亿债务？2007年被富春控股收购后，张小泉的经营重心转向了何处？当匠心遭遇资本，当传承碰撞扩张，“老字号”又该何去何从？【时间轴】01:44 张小泉背后实控人“富春资本系”，如何撬动债务杠杆？04:41 预重整“弃车保帅”，能阻断风险传导吗？07:18 400年老字号，正面临现代史上最严峻的生存考验
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张小泉的麻烦，剪不断
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