Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Mariella Burani declared insolvent

Mariella Burani Fashion Group (MBFG) has been declared insolvent by an Italian court, leaving 30 days for a buyer to be found.

The court has nominated accountant Francesco Ruscigno to decide whether MBFG meets the requirements for Italian special administration, a process to organise a rescue plan for struggling companies without closing them down.

Alessandra Giovetti, a lawyer for MBFG, told Reuters that under special administration, either the company’s assets could be sold or an agreement with creditors could be found. “There is still a chance to reach an accord with creditors,” she said.

MBFG, which owns brands including Mariella Burani and Mandarina Duck and also European retail outlets including Revedi and Do Gil, has been struggling with about 500m (£447m) in debt for several months, following acquisitions and falling sales.

MBFG announced its intention to file for bankruptcy protection last month. It then said in a note to the Italian stock exchange at the end of February that it intended to cease trading after failing to restructure its debts.

MBFG shares have been suspended since the end of August.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.