FINO MORNASCO, (CO) ITALY--Fiorete, the 84-year-old high end readymade and custom drapery fabric weaver is in the midst of a financial restructuring effort with its creditors. A spokesman says “Fiorete is not closing despite rumors to the contrary although the company has effected some layoffs.” Prior to those layoffs, there were 250 employees in the Veniano and Fino Mornasco (Como) facilities. Fiorete is a total vertical mill, yarn forward. More than 70 percent of its production is exported from Italy around the world, according it the Fiorete website. Gianmarco Zamaroni is the General Manager of Fiorete but he could not be reached for comment.. The bankruptcies of Sahco Hesslein, now owned by Kvadrat in Denmark and Nya Nordiska based in Germany, has affected Fiorete which has counted on those customers for substantial sales each month, it was learned. “However, production is going on as usual and Fiorete expects to be showing as usual at Proposte next month.” Proposte is May 2-4 in Como, Italy. “Fiorete is trying to reach an agreement on a credit extension as it relates to Italian Law 182,” the source indicates. It has been in financial difficulties these past two years but it is working its way through the problems, it was said. “There has been some turmoil amongst our suppliers and our customers have also been informed. Otherwise, its business as usual for Fiorete.”