Famed Italian hatmaker Borsalino was declared bankrupt on Monday, a trade union said.
The 160 year old company has been on the decline for years, having hit its peak in the 1920’s, producing two million hats a year. In more recent years the company’s sales faltered and the famed hatmakers were forced to downsize to a mere 120 employees and take on large loans to stay afloat.
The Haeres Equita investment fund took control of the ailing company in 2015 in the hope of turning the situation around, despite a debt of $35 million.
Though a judge initially approved Haeres Equita’s proposals for repaying Borsalino’s creditors, it was later rejected by the court and a second such plan, presented a few weeks ago, was also thrown out. Read more here.
{Matzav.com}
It’s a shame for the frum hat-wearing community and even more so for the 120 employees.
They should learn from Israel to bring the country to a standstill in solidarity with the employees who were laid off.
When enfuriated employees block busy streets, they are lauded and face minimal police action. When bochurim demonstrate against the draft law, they are shamed and accused of chillul hashem. Forget the police response…
When enfuriated Teva employees block busy streets, they are lauded and face minimal police action. When bochurim demonstrate against the annual draft quotas and the terrible draft law, they are labeled as mechalelei shem shamayim, and face excessive policing tactics (skunk spray, violece, etc). Any idea why this is happening?
If you read the article carefully, and this is more explicit in other articles, “industrial activity” will continue – in other words, they’ll keep producing hats for the while being. The question is – and this is what’s worrying the workers – how long this can go on.
$35,000,000.00 in dept???? For a small business??? Something stinks. Talk about alleged incompetence.
What are my neighbors in Lakewood going to do?? What are they going to wear?? The fathers in-law may now breathe a sigh of relief that their sons in-law will wear the same cheaper version hat that they have to wear! lol
They’l all have to ware biva hats and shtriemals
We all need to daven that they remain open. There is so much hakoras owed here, as without borsalino many more people would not wear hats. Many people feel good and stylish while wearing a name brand hat, especially the younger generation.
וואס וועט זיין מיט די קינדער?
With $200 hats unavailable, what will the boys now squeeze their hard working parents for?
It’s interesting that Bosolino never had a hechsher to be ‘the ‘ kosher hat.
Maybe Reb S. Y. Rechnitz can purchase the company and save it for the sake of Klal Yisroel.
A smart Yid will buy the assets, hire the skilled workers and set up factory/store in israel and NY.
Time to start wearing Rhett olls fashion caps.
Nu? Competition is good. What’s wrong?
the Gaaaiva of weaaring a hat just fell to the oretz. !!!! The shminis she’ beshminis gayva vanished !!!!!!!