After years of difficulties and previous rescue attempts, Gas Jeans, the historic denim brand owned by Grotto SpA is reaching encouraging financial results that may bring it to a recovery. In the first three months of 2020, the brand registered revenues of €11 million while its EBITDA was €1.4 million. Its cash reserves also increased to €6.6 million.

By moving the assembly for the composition with creditors from July 16 to September 17, the brand is earning more time and more actual possibilities to be saved. The company has to pay its debts to Dea Capital and Amco whose main exposures are respectively €34.6 million and €12.7 million.

Respecting anti-Covid 19 measures like all other companies, Gas, which employs 108 people, has started short working procedures, closed stores and outlets and reduced in part its activities, though without stopping them entirely thanks to smart working and other new projects. In June, for instance, it will start producing CE approved masks and aims to reach a production of about 20 million masks per year to be sold at competitive prices of €0.30 each.