The business is cutting about 80 positions in the first quarter.
The cause of death is said to be suicide.
The brand has tapped Quvenzhané Wallis, who received an Academy Award nomination for 2012’s “Beast of the Southern Wild,” to be the face its campaign.
The company is looking for new locations to host Milan’s fashion shows, although the search process is in the early stages.
While Versace will finance the first part of the works, Prada will take care of the second session, starting in September.