PRE PACK BANKRUPTCY: Cesare Paciotti has been shifting its focus from the Italian market to a more international one, following the insolvency of a number of its wholesale accounts, which has led the footwear brand to ask for what it dubbed a “pre-pack chapter 11” on Dec. 30.
“Unfortunately, in 2012 Italy accounted for 58 percent of company sales,” said company executive Marco Calcinaro, adding that Russia and the Far and Middle East have since grown to help exports account for almost 60 percent in 2013. Paciotti already counts 10 boutiques in the Far East and eight more are expected to open in 2014 in the region of the Zeijang. Calcinaro said the company is set on providing “continuity,” without letting go of any employees. The firm is controlled by the family, which is planning a restructuring operation through a capital infusion. There are no changes expected in the company’s structure.