Roberto Cavalli, 120 days to present a new restructuring plan

The judge grants a truce to Roberto Cavalli. According to Reuters, the Court of Milan gave the Italian company 120 days to present a restructuring plan for its business while it keeps looking for a buyer.

The company, which presented an interim strategy to reduce costs, aims to save 21 million euros. To do so, the company will close non-strategic stores, reduce its investment in marketing and cut the financing of its foreign subsidiaries.

This moves comes a few days after the group’s US subsidiary, which operates under the name of ArtFashion Corp, filed for Chapter 7.

The Italian company is undergoing a process to find a new buyer. The company, currently owned by the Clessidra fund, has three main stakeholders: Phillip Plein, OTB and a US investment fund.