Valleverde has finally been acquired by a new investor, Silver 1, for a reported value of €9 million, after six bankruptcy auctions had previously failed to find a buyer. In the previous auction, the value had gone down to €7 million. Valleverde, an Italian brand that is known for its comfort shoes, had filed for bankruptcy protection at the end of 2013.

Like Valleverde, which is based in Coriano, near Rimini, Silver 1 is also based in the Italian region of Romagna, in Lugo, in the province of Ravenna, about 100 km from Rimini. Silver 1 is led by Elvio Silvagni, a veteran of the business with more than 40 years of experience in the shoe industry. Silver 1 owns the Goldstar and Biochic brands and is present with its brands in more than 2,200 stores, in Italy and abroad.

The provisional accounting period has now been extended from April 30 to June 30. The new owners have reportedly committed to save 80 percent of the workforce through its gradual reintegration.