Richard Ginori Announces Liquidation; U.S. Biz Unaffected, Says GM
NEW YORK-Italian tabletop company Richard Ginori is in liquidation, according to a statement released yesterday by the Sesto Fiorentino-based company. Liquidation is an Italian business practice that is akin to an American Chapter 11 filing, according to U.S. vice president and general manager Josephine Lynn Dillon, who added that the filing will not have an impact on the American subsidiary.
According to a Bloomberg statement, the company reported a net income loss of EUR38 million, or $48 million, in its 2011 fiscal year, on top of a EUR9 million, or $11 million, loss in 2010.
At a general and extraordinary shareholders meeting held in May, shareholders approved a liquidation of the company, "with a view to secure the interests of the company, corporate restructuring and to business continuity," according to the statement. A College of Liquidators was appointed that includes Marco Milanesio, president; Nicola Lattanzi, liquidator; and Roberto Villa, liquidator. Villa is also chairman of the company and majority shareholder.
"Liquidation has not affected growth [or] sales in the U.S. market," Dillon said. "We have recently signed a five-year lease at [showroom building] Forty One Madison. Richard Ginori USA closed the 2011 sales balance with a 33 percent growth. This year in May the sales grew by 43 percent, as first quarter 2012 sales were 30 percent above 2011, same period."