Sixty Group has reached an agreement with all labor unions in Italy, after the long and intense negotiations that followed the group's request last September to reach a settlement with its creditors and plans for a drastic reduction of the company's activities in Europe. Under the agreement, a new company is due to absorb the 50 remaining employees of the old company while a new satellite firm is supposed to employ between 60 and 70 more workers. The new company would manage the brands Miss Sixty, Energie, Refrigiwear and Murphy & Nye under a five-year licensing agreement that may be renewed for five more years. The satellite company will provide services for those brands. The Italian young fashion company, headquartered in Chieti, was bought last May by Crescent HydePark, an Asian investment fund that owns other brands and neary 2,000 stores in Asia.