Roberto Cavalli’s US subsidiary files for liquidation while searching for a buyer
The company, which is in full search for a new owner, has closed all its stores in the North American country, as well as its e-commerce platform.
Roberto Cavalli ceases operations in the United States. The US subsidiary of the Italian company, which operates under the name of ArtFashion Corp, has filed Chapter 7, also known as liquidation bankruptcy. This move comes one day after Roberto Cavalli presented a restructuring plan to the Court of Milan.
The company has shut down the seven directly-operated stores and the four outlets that it had in the country, as well as shop-in-shops within multi-brand points of sale and its online platform. Roberto Cavalli’s products have been taken into custody to be handed over to the trustee of the liquidation process during this week.
The liquidation of ArtFashion Corp also represents the dismissal of 93 employees that made up all its workforce. ArtFashion Corp registered 5.1-million-dollar losses in the last fiscal year.
The Italian company is in full process of seeking a new buyer. The company, which currently belongs to the Clessidra fund, has three main interested parties: Phillip Plein, OTB and a US equity fund.
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