Headquartered in Milan
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Headquartered in Milan, Italy, the same day ITHolding Group, said the global cheap abercrombie economic downturn as a result of the impact of luxury goods industry, the Group's cash Lttierre difficulties which might arise from the bankruptcy. The spokesman said that "very likely", the whole group will also be filed for bankruptcy protection. ITHolding in 2007, has about 1800 employees, sales of 637 million euros, of which about Lttierre Group annual income of about 60% of total revenue. It is, ITHolding required to pay a total of about 300 million euros (about 389 million U.S. dollars) in liabilities.
Italian Stock Exchange suspended trading of shares ITHolding, Moody's rating will be its default rate from Ca reduced to D - the lowest level, which means that there has been a breach.
ITHolding Group said that the Italian law the provisions of the emergency will take over temporarily to deal with it in order to protect creditors, the reorganization allows the company time and out of the woods. Lttierre in the Italian Stock Exchange, issued a statement shows that filed for bankruptcy protection due to "lack of ability to maintain normal operations." The statement pointed out, mainly because of "financial resources must be" a problem, saying the company The cheap abercrombie decision was made "to make the Group an opportunity to reorganize and continue operating."
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