By  on March 11, 2010

MILAN — IT Holding SpA has reached an agreement with unions to cut about 450 jobs as part of the restructuring of the group.

“It was a painful but necessary decision, and a significant step to clearly define the structure of the group in view of a sale,” said Andrea Ciccoli, one of the three state-appointed administrators. IT Holding, parent company of the Gianfranco Ferré, Malo and Exté brands and of manufacturing arm Ittierre SpA, has been in government-backed bankruptcy protection since February 2009.

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