Orlando Italy buys struggling Fnac division

The company has entered liquidation, managed by Matteo Rossini, with the new buyer in the process of selecting assets to retain.

The GP, an industrial turnaround specialist, will soon lay out its restructuring plans for the company. It is not known whether around 600 members of staff will lose their jobs.

PPR announced the decision to spin out its Italian Fnac unit in the closing months of 2012. The company intends to refocus its business on luxury and sports brands, according to reports.

Orlando Italy is a turnaround specialist, focused on firms facing succession issues and strategic alignments of subsidiaries of larger corporations. The GP backs firms with a €50-500m turnover in manufacturing, capital goods, engineering, industrial wholesale and the service industry.

Company
Fnac is a retailer of books, CDs, DVDs, video games and related technology active in seven countries. Since entering the Italian market in 2000, the firm has never found the right conditions to gain traction in the country, it said in a statement.

Fnac has 164 stores worldwide, eight of which are in Italy, and reported revenues of €4.165bn in 2011.

People
Enrico Ceccato is a managing partner at Orlando Italy.

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• Topics
• Southern Europe
• Consumer
• Buyouts
• Italy