Vecellio Occhiali, an Italian producer of spectacles that was acquired in 2008 by the private equity company Camelot Nordest, ceased its activities on Nov. 22. A liquidator has been appointed to settle debts amounting to around €1.5 million with the company's creditors. Located in Auronzo di Cadore, Vecellio employs 30 people in the production of the Enrico Coveri, Braccialini and Energie brands of eyewear. Its difficulties started this year, when the management had to ask for support from the Italian state to pay the workers' salaries.
Analysts claim that the recession led to a massive 20 percent fall in the company's turnover in 2009: Vecellio failed to pursue its target of taking revenues from €7 million in 2007 to a potential €15 million that Camelot Nordest had budgeted for 2013, resulting in a cash crisis that the company's financial partners were unable to resolve.