Stefanel seeks out new investor to avoid bankruptcy

London - Stefanel is said to be sounding out new investment in the form of a partner to avoid filing for bankruptcy before the end of the year, according to new reports.

Three sources are said to have revealed to Reuters that the Italian apparel company is working against the clock to secure a new partner before its too late. The move comes weeks after Stefanel was granted court protection from its creditors until March next year, as the apparel company aims to restructure close to 88 million euros in financial debt. Stefanel is also said to be seeking new capital to help relaunch it business.

"Everyone is working to identify a partner by the end of the year," said one of the sources. "At the moment, the dossier is the hands of the technical commissions of the banks, but it will then have to go through their boards... and March is just around the corner." Stefanel is said to have been in talks with two potential investors, one being Portuguese Italian investment fund Oxy Capital.

Photo: Stefanel, Facebook