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Diesel USA Embarks on Path to Profitability in 2021

Diesel USA is adding fuel to its turnaround plan. After filing for voluntary bankruptcy protection in March, Diesel USA, a subsidiary of Italian parent company Diesel SpA, received approval of its Chapter 11 plan in April. It has now outlined an aggressive plan to return Diesel U.S.A. to profitability in 2021. Stefano Rosso, the 40-year-old chief executive officer of Diesel North America, spoke for the first time about the U.S. company’s bankruptcy and how he feels the brand has emerged much stronger and ready to tackle new growth opportunities. “It’s quite normal as an action in the U.S., but the word bankruptcy gets bigger headlines in the media. The reason we filed Chapter 11 is we wanted to get out of this specific moment of our life lighter and stronger than ever,” he told WWD in an exclusive interview. He said it was an action to get out of some retail leases that were dragging the unit’s profit and losses down. At the time of the March bankruptcy filing,  Diesel USA operated 28 stores across 11 states, consisting of 17 full-price locations and 11 factory outlet stores. Diesel USA had $100 million in assets and about $50 million in debt. The company attributed the

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