Richard-Ginori Files for Liquidation in Italy; U.S. Business Unaffected

According to retail industry publication HFN, Italian tabletop company Richard Ginori is in liquidation, according to a statement released yesterday by the Sesto Fiorentino-based company. Liquidation is an Italian business practice that is akin to an American Chapter 11 filing, according to U.S. Vice President and General Manager Josephine Lynn Dillon, who added that the filing will not have an impact on the American subsidiary.

“Liquidation has not affected growth [or] sales in the U.S. market,” Dillon said. “We have recently signed a five-year lease at [showroom building] Forty One Madison. Richard Ginori USA closed the 2011 sales balance with a 33 percent growth. This year in May the sales grew by 43 percent, as first quarter 2012 sales were 30 percent above 2011, same period.”

To read the entire article, go here:
http://hfnmag.com/tabletop-gifts/richard-ginori-announces-liquidation-us-biz-unaffected-says-gm