May 3, 2011
MILAN (AFP) - A Thai firm has offered 250 million euros ($370 million) for Italian retail chain La Rinascente in the sole bid for a historic brand which traces its roots back to 1865, sources said Tuesday.
Maurizio Borletti, a descendant of La Rinascente's founders, said he had "launched an appeal" but a source said he will not be able to block the sale.
The offer from Thailand's Central Retail Corporation, which came in before Monday's bid deadline, would include 45 million euros in La Rinascente debts.
The Italian group, which has its headquarters and a flagship department store in Milan's central Piazza Duomo, has 11 shops across Italy.
The company became one of the symbols of Italy's post-war economic miracle and was at one point owned by iconic auto giant Fiat. It has since sold its food outlets and closed down several major department stores.
It now sells mainly womenswear and high-end cosmetics and accessories
