Spring, the Italian shoe maker that owns Mario Bruni, a brand of quality dress and formal men’s shoes, has filed for bankruptcy protection in order to reach an agreement with creditors or restructure its activity.

Based in the Marche region’s footwear cluster, Spring was created in 1956 under the name F.lli Scheggia. It changed name to Spring in 1964. The company launched the Mario Bruni brand in 1982, which has had significant success in Russia.

The company, like many others, was hit by the impact of the Covid-19 pandemic. But prior to the outbreak of the virus, it was already suffering from weak demand in Russia and Italy, its main markets, as well as a change in consumer tastes, resulting in a shift towards sneakers. Over the past five years, Spring’s headcount has dropped from around 90 to 39.

According to document released by a Fermo-based court, Spring filed for creditor protection on Sept. 21 and the court appointed Roberto Gennari as judicial commissioner on Oct. 14. The company has until Nov. 20 to present an agreement with creditors or a restructuring plan.