Sixty Group is getting ready for a restart, as explained by the Italian newspaper Corriere della Sera and confirmed by the company.

After the approval for an agreement with creditors in September 2013, the newly founded Sixty Distribution company will buy three portions of Sixty Spa: the portion that is now employing 50 Italian workers, the portion hiring people working for the Italian stores and part of the warehouses, and the associated German division and its related store personnel.

“We are starting from Italy because if you are not strong in your country of origin you cannot be successful in other countries. For this reason we will start again from here and then also start selling in other countries,” commented Paolo Bodo, CEO, Sixty Distribution. “In Italy we have our own stores and will focus on the Energy and Miss Sixty brands. We have maintained 80% of the designers that used to work for Sixty Spa and are now looking for a new creative director. We will manage to save about 200 jobs, 50 of which from the Chieti area.”

And continues: “Finally we can start operating, even if actual development will only start from April 2014 when the actual transfer of the divisions will happen,” continues Bodo, referring to the overall debt of €350 million to be reimbursed 100% to privileged creditors and 16% to unprivileged creditors, according to the composition with creditors that was agreed by 86.7% of creditors.