10 Corso Como avoids liquidation
The threat of liquidation moves away from 10 Corso Como. The Milan concept store announced in a press release it has struck an agreement with Equitalia, Italy's tax collection agency. Last week Equitalia filed in Milan's court a liquidation application for unpaid taxes for Dieci llc, the company to which the renowned multi-brand store founded by Carla Sozzani belongs.
The agreement "defines positively the litigation in progress between the two parties, both of which pledge to waive prosecution in court", the press release has stated. Equitalia claimed €4.67 million from 10 Corso Como. The sum's payment is to be rescheduled.
The Italian Colette remains afloat then, although the market situation in the country isn't ideal for this kind of activity. Carla Sozzani's company saw its revenues fall from €6.3 million to €5.6 million from 2013 to 2014.
In parallel, net losses grew in the period from €637,000 to €709,000, while Dieci llc's liabilities rose to €11 million as of 31st January 2015.
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