Italy's Trussardi sought creditor protection in turnaround drive-sources
MILAN (Reuters) - Italy's Trussardi has sought protection from creditors as it embarks on a fresh effort to turn around the embattled fashion brand, two sources close to the matter said on Monday.
Trussardi, whose clothes sport a greyhound logo, began life more than 100 years ago as a maker of leather gloves based in the northern town of Bergamo, near Milan.
Like other Italian brands that lost their shine in the new millennium as they struggled to keep up with fast-changing shoppers' tastes, it has been battling with shrinking revenue.
The latest crisis comes after a missed payment to a distribution partner led to a halt in deliveries of Trussardi products, one of the sources said.
Following the request filed to a Milan court by the company, all board members including Chief Executive Sebastian Suhl have resigned, the sources added.
Trussardi has hired Italian advisory firm 3X Capital to work on a revamp starting with cost cuts, the sources added, confirming reports in the Italian and international press.
Trussardi declined to comment, while it was not possible to reach 3X Capital for comment.
Annual revenues at Trussardi have shrunk to around 80 million euros while debt totals 50 million euros, the sources said.
Trussardi is majority owned by Italian investment fund QattroR, which in 2019 bought its stake from the Trussardi family for some 50 million euros.
(Reporting by Elisa Anzolin; Editing by Valentina Za)