Mariella Burani Group gives up the fight
The parent company of Italian leathergoods brand Antichi Pellettieri, Mariella Burani Fashion Group, announced on February 26 that it was shutting down operations after what the Wall Street Journal called "a long and unsuccessful struggle to restructure an overall debt of EUR 600 million".
Antichi Pellettieri's share of that total has been reported by media in Italy to be EUR 140.2 million.
The company said its board had resigned and that it had given up its attempts to reach an agreement with creditors on debt restructuring. There will be a shareholders' meeting on March 29.
Antichi Pellettieri made and sold leathergoods under a number of prominent brand names, including Braccialini, Mandarina Duck, Francesco Biasia and Dadorosa. The complex structure of the parent group, which involves a number of holding companies, means it could be some time before the future of these brands is clear.
