Troubled Italian fashion house Mariella Burani said that it will be “dissolved” and that its board has resigned.
Mariella Burani Fashion Group said in a note to the Italian stock exchange that it would cease trading after failing to restructure its debts, which are believed to total €600m (£395m).
Mariella Burani Fashion Group, which owns brands including Mariella Burani and Mandarina Duck and also European retail outlets including Revedi and Do Gil, announced earlier this month that it intended to file for bankruptcy protection.
In a statement today, the company said that it had suspended its “preliminary steps” to request protection from its creditors and that it would hold a shareholder meeting to appoint liquidators on March 29.
Mariella Burani Fashion Group employs about 2,200 staff in Italy.
The future of the group has been uncertain since September when it suspended its shares following falling sales.