For LuisaViaRoma, the Florence-based luxury company, there is a glimmer of hope at the end of the tunnel. Following a meeting with local authorities and labor unions, the company’s 181 employees will transfer to LVR Srl, a new company led by Paolo Corinaldesi, a lawyer from Bologna and former CEO of Woolrich, who is willing to take over the historic brand, according to La Nazione, a local newspaper.

The new entity LVR, along with the consortium led by new investors, has submitted a binding offer to the Florence Court; however, to speed up the process, the transaction will now proceed via a business lease arrangement, followed by a definitive purchase in the fall.

“We have signed a collective agreement that requires some initial sacrifices, but everyone will retain the rights they have acquired over time. The agreement, in fact, contains a series of suspensive clauses,” explains Yuri Vigiani of the Filcams Cgil union in Florence.

“On the one hand, there are a series of conditions demanded by the employees from the company, and on the other, we are waiting for the court to rule on the request for a business lease submitted by the new industrial entity LVR,” says the union representative.

Among the next steps could be a transition from the old to the new company in about a week, after which the new co will be able to make the necessary investments and begin work on the fall-winter collection.

Employees will receive support through the layoff fund for reorganization (while they are currently receiving benefits from the layoff fund for termination).