The company was sold as a going concern for an undisclosed amount to Trident Fashions Ltd last week, saving 11,000 jobs in the UK and Ireland.
Trident Fashions is confident Ciro Citterio has a sound background and can achieve substantial growth in the mid-market menswear sector. Trident’s chief executive said: ‘We believe through a strategy of aggressive development of new and larger sites, Ciro Citterio can very rapidly challenge the current market leaders.’
The company went into administration in March, following a long-running shareholder dispute. Kroll Buchler Phillips partners Gurpal Johal and Simon Freakley were appointed to manage Ciro Critterio’s business and continued operating the company’s 160 stores.
Freakley explained the reasons for the administration: ‘The Thakirar brothers fell out and the conflict between them became a distraction whilst the company came into intense trading pressure and as a consequence the company had no alternative but to seek the protection of an administration order.’
He added: ‘There are no family directors left in the business.’
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