Natuzzi Nearly Doubles On 10 Million Shares Despite Declining Demand For Furniture Due To Pandemic

Italian furniture maker Natuzzi operates in many countries including the U.S and Canada. No wonder its sales are falling because of the economic situation caused by COVID-19. Today NYSE: NTZ rises due to renewing securitization of its account-receivables according to an agreement with Intesa Sanpaolo S.p.A. (the “Assignee”) for extra 5 years.

For a maximum amount of 40 million euros, the Assignee can trade Natuzzi’s bad debts that give cash slowly for its beautiful works done by Italian workers.

Till 2025 Natuzzi might exchange its account-receivables for cash thus getting liquid funds in routine operations. However, getting another contract to deal with bad debts is highly advisable to Natuzzi as it can improve stability in the balance sheet and cash flow reports.