BERLIN — In an 11th-hour agreement, Miro Radici AG of Bergkamen, Germany, has taken over the Steilmann Group, saving the German apparel company from bankruptcy.
On Wednesday evening, German press reports said Steilmann was filing for bankruptcy following the collapse of talks with a prospective investor, widely thought to be the German subsidiary of the Bergamo-based Radici Group. In 2003, Miro Radici AG bought several Steilmann companies, including Apanage, Kirsten, Nienhaus & Lotz and Dressmaster, which effectively cut Steilmann's business in half.
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