Valleverde, the Italian company known for its comfort shoes, has reportedly filed for bankruptcy protection. The 150 workers at its factory are asking public authorities to investigate the issue, but the court-appointed receiver, Claudia Bazzotti, has stated that they will keep their jobs until they find a new owner for the company.
Meanwhile, the family of Carlo Migliorati, which is one of Valleverde's creditors and minority shareholders, is in line to recover the ownership of Fly Flot, an Italian brand of clogs that had run into financial difficulties because of Valleverde's failure to repay it for a €5 million advance. These problems had led to the bankruptcy of Lones, the company controlled by the Migliorati family that was running Fly Flot.
Lones is being disbanded, but the Miglioratis won an auction last Dec. 17 for Fly Flot's brand, its factory and other assets that had been organized by the bankruptcy court. They have 60 days to pay the minimum amount of €7.05 million set by the court, and they tell us that they plan to do it together with other investors. Nobody else placed a bid for the assets. Condor Trade, owner of In Blu, had showed interest in the brand but was not prepared to pay this price and to continue manufacturing Fly Flot shoes in Italy.
Meanwhile, Fly Flot has continued to manufacture a streamlined collection at its factory near Brescia with a reduced workforce of around 100 people. Customers have responded favorably to the latest developments, and the Miglioratis are now expecting a 20 percent increase in their sales this year to about 1.5 million pairs.