Stefanel collapses in Piazza Affari and within today he will present the application for admission to the composition with creditors so called blank or with reserves with the aim of preserving the company's assets as required by bankruptcy legislation. The news arrived yesterday together with the publication of the accounts for the first nine months of 2018 which showed a loss of 20,9 million. A loss that according to official data is far greater than the value of the company's equity which is equal to 7,5 million. The company has already called an extraordinary general meeting for January 15th.
The task of the shareholders' meeting will also be to appoint the new managing director, following the resignation of Cristiano Portas last July. The top management of the fashion company have also approved the lines of Stefanel's corporate reorganization and relaunch project which provides for the redesign of the collection starting from autumn 2019 and the introduction of an omnichannel distribution model. The company has resolved to close unprofitable stores and sell some key outlets for which it has already received expressions of interest. Mediobanca has also been given a mandate to enhance certain assets, including with licensing agreements for the Stefanel brand for the Asian area
The stock, suspended yesterday in Piazza Affari pending communications, then closed the session down by 7,7 percent. The unbridled descent of the stock continues which, in the 1-year performance, has left around 55% on the ground (-51% in the last 6 months and -18% in the last month).
This is the second time in two years that the title has been suspended in Milan, the first being in November 2016.
