Upholstery, Chateau d’Ax US branch comments composition with creditors: “We are not involved in it, we are healthy”

“Chateau d’Ax USA is a different business, a profitable and healthy company: we are not involved, and we are not affected by composition with creditors”. The Italian company, headquartered in the region of Brianza, specialized in the manufacturing of sofas and decor accessories, has been dealing with some difficulties; hence, they applied for composition with creditors. Joseph Filloy, North America operations manager of Chateau d’Ax US branch, based in High Point, made a few comments about the situation. As reported by Furniture Today, he pointed out: “Our branch is financially independent from the Italian company. Owing to stagnant market conditions – he remarked – Chateau d’Ax European stores are in trouble, that’s why composition with creditors is the only feasible way to manage the business of the unprofitable ones”. The US manager also claimed that the financial cashflows of Chateau d’Ax USA are independent from the turnover of the Italian headquarters: in fact, the US branch, located in North Carolina, is dealing directly with Italian and Chinese suppliers. The Italian firm, based in Lentate sul Seveso, currently hiring 92 employees, submitted their application for composition with creditors, before the Court of Monza, on October 16. The aim is “to revamp the business and implement the restructuring of debt”, which amounts to 50 million euros, while striving “to improve the standard of provisions and upgrade them to recall and boost again Chateau d’Ax commercial success”. The company, currently present in 84 countries, was founded by Colombo family in 1948. In 2017 their revenues amounted to 144 million euros (compared to 178 million euros in 2016).  


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