Historical Italian jeanswear company Rifle has gone into liquidation. The company is in crisis. It registered €7 million losses in 2012 and expects €4 million losses in 2013. Antonio Arcaro, who is involved in rescuing other brands in the market, has started a restructuring phase to save the company.

According to local newspapers the restructuring will continue. “The liquidation phase will bring about heavy restructuring, but the activity of the company will continue,” commented the company’s manager Simone Anichini.

The company presently employs 192 employees, 44 of who work in the Barberino premises, while the others work in monobrand stores and at the company’s outlet. The restructuring plan is yet to be defined and will include a cutting of jobs as well as of a change in management following the arrival of Arcaro.

A new strategy and the creation of a new company is expected to start with the beginning of 2014, together with an overall new project that – according to a source within the company – could be announced within the upcoming edition of Pitti Uomo.

Rifle is one of the oldest Italian jeans brands. It was founded in 1958 by brothers Giulio and Fiorenzo Fratini who initially started importing jeans from the US, and then started producing them directly. In 1968 they were the first company to export them to Eastern Europe. The company previously undertook a huge restructuring at the beginning of the 2000s when the company employed 450 people.