Richard Ginori Announces Liquidation; U.S. Biz Unaffected, Says GM

NEW YORK-Italian tabletop company Richard Ginori is in liquidation, according to a statement released yesterday by the Sesto Fiorentino-based company. Liquidation is an Italian business practice that is akin to an American Chapter 11 filing, according to U.S. vice president and general manager Josephine Lynn Dillon, who added that the filing will not have an impact on the American subsidiary.

According to a Bloomberg statement, the company reported a net income loss of EUR38 million, or $48 million, in its 2011 fiscal year, on top of a EUR9 million, or $11 million, loss in 2010.

At a general and extraordinary shareholders meeting held in May, shareholders approved a liquidation of the company, "with a view to secure the interests of the company, corporate restructuring and to business continuity," according to the statement. A College of Liquidators was appointed that includes Marco Milanesio, president; Nicola Lattanzi, liquidator; and Roberto Villa, liquidator. Villa is also chairman of the company and majority shareholder.

"Liquidation has not affected growth [or] sales in the U.S. market," Dillon said. "We have recently signed a five-year lease at [showroom building] Forty One Madison. Richard Ginori USA closed the 2011 sales balance with a 33 percent growth. This year in May the sales grew by 43 percent, as first quarter 2012 sales were 30 percent above 2011, same period."

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.


  • Patti Carpenter Talks Color and its Importance in the Home

    Camera Icon   More Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN August 2017 cover


    August 2017

    COVER STORY: Sharpening the Focus on Millennials

    Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.


    • Power of the People - Crowdfunding campaigns provide needed capital, feedback for home and housewares product launches.
    •  Omnichannel Retailing: Visual Search Takes Off - Learn how voice and visual search are revolutionizing product discovery.