The Italian footwear retailer Pittarello has struck a deal with its creditor banks to restructure its debt.
The agreement was reached with the banks Intesa Sanpaolo, Banca Monte dei Paschi di Siena, UniCredit, Banca Patavina, Iccrea, UniCredit Leasing, Selma BPM and Alba Leasing. No details were released but the Pittarello’s spokesman Francesco Di Franco described the arrangement as “very innovative”. He added that despite the “great crisis” currently affecting the retailing sector because of the Covid-19 pandemic, the accord enables Pittarello to face with “greater serenity its development over the next five years” with the support of the banks.
Pittarello has about 60 stores and had sales of €220 million in 2019.