Italian hat maker, Borsalino, has been declared bankrupt, throwing into doubt the business future of the famous 160-year-old brand.
Borsalinos have been the hats of choice for dozens of movie stars, including Alain Delon, Robert Redford, Marlon Brando and Humprey Bogart.
The company has been in financial trouble for a couple of years, and on Monday an Italian bankruptcy court rejected a composition with creditors proposed by Haeres Equita, a Swiss company that took over the firm.
As a result, Borsalino was declared bankrupt, but Haeres is likely to appeal.
In a statement, it said that “Borsalino’s activities will continue”.
According to Maria Iennaco, a Cgil trade unionist quoted by Tuesday’s La Stampa daily, “the company is healthy” as there is demand for its products.
Report says Borsalino employs 134 people in the outskirts of Alessandria, about 100 kilometres east of Turin.
It was established in 1857 and remained family-owned until 1987.
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