Feb 27, 2010
Italian fashion company Mariella Burani to be liquidated
Feb 27, 2010
All board members have resigned after calling a "shareholder meeting to name the liquidators" on March 29 or 30, the group said in a statement.
The company, which has debt of close to 500 million euros (680 million dollars) also said it had halted all the "preliminary activity towards the presentation of a petition" to put itself under bankruptcy protection.
Two weeks ago, the company had said it would initiate procedures to protect itself from creditors in order to continue operations and to begin restructuring the company.
Mariella Burani has lost 185 million euros over the course of the first nine months of 2009.
Walter Burani, who owns more than 70 percent of the company he founded with his designer wife Mariella resigned from the company presidency last week.
Judges declared Burani Designer Holding, one of the group's controlling holdings, bankrupt earlier this month. Italian prosecutors are investigating Walter Burani for accounting fraud and stock manipulation.
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