Milan, March 10 – Hoepli S.p.A., the venerable Milanese bookstore and publishing house, has officially entered voluntary liquidation, marking the end of a 156-year legacy. The decision was made during a recent shareholders’ meeting, prompted by a “painful and in-depth reflection on the overall situation,” according to a company statement.
Financial Difficulties and Market Challenges Lead to Closure
The company cited a confluence of factors, including consistent negative operating results and the increasingly difficult landscape of the publishing market, as primary drivers for the liquidation. These challenges were exacerbated by a protracted internal conflict among shareholders, described as “burdensome.”
“The choice has matured ‘at the outcome of a painful reflection on the overall situation,’ to avoid ‘the dispersion of company assets,’ between negative operating results, difficult prospects, and an internal conflict between shareholders defined as ‘burdensome,'” the company stated, emphasizing its goal to ensure an “impartial and efficient procedure” that protects creditors, employees, and all involved parties, while preserving the value of the company’s assets as much as possible.
Internal Conflict Among Shareholders
The decision comes after weeks of internal tensions and significant public attention surrounding the future of the company, which encompasses both the bookstore and the publishing house. The conflict between the shareholders – the three Hoepli brothers and their cousin Giovanni Nava, who holds just over 33 percent of the shares – had become openly apparent in recent days, including through an interview published in the Corriere della Sera.
Previously, the company had maintained silence on the matter. “Despite the recent media attention given to Hoepli’s corporate and employment affairs, as well as the undue statements by unauthorized individuals, the silence and discretion maintained until today were imposed by the need not to anticipate relevant facts before the competent bodies made the necessary decisions,” the company clarified. “Today’s decision now allows for a comprehensive account of the deliberative process followed, within a framework of independence, balance, and responsibility.”
Liquidation as a Protective Measure
The company stated that the choice of liquidation represents the “legally appropriate solution to avoid the dispersion of company assets.” Laura Limido, a lawyer, has been appointed to manage the liquidation process, chosen for her “undisputed professional skills and specific experience in conducting liquidation procedures.”
Mayoral Appeal and Employee Strike
The day before the announcement, Milan’s Mayor Beppe Sala expressed his hope for a resolution, stating, “Hoepli is a heritage of the city, and I truly hope a solution can be found,” appealing to the parties’ sense of responsibility. On the day of the announcement, employees mobilized, with 49 booksellers and nearly as many other Hoepli employees staging a symbolic strike from 3:00 PM to 4:00 PM, coinciding with the shareholders’ meeting.
In a statement released by the CGIL, Fistel-CISL, and UILCOM unions, workers denounced the absence of an industrial revival plan and demanded clarity regarding the company’s future. The unions have confirmed public initiatives for Saturday, starting with a flash mob at 11:00 AM in front of the bookstore’s entrance on Via Hoepli, to advocate for the preservation of this cultural institution and its employees’ jobs.
The closure of Hoepli marks a significant loss for Milan’s cultural landscape, as the bookstore has been a landmark and a reference point for generations of readers and scholars.
