Famous design house Bertone is bankrupt and is now seeking a buyer for the brand and its assets, the UK’s Telegraph reports.
The company was known to have been hit hard by the global financial crisis, and efforts to reshape the firm into a design-only studio have not returned it to profitability.
A Bertone spokesperson is understood to have confirmed that its employees have not worked in over a month, while reports in December claimed the company had furloughed some 165 workers without pay.
Now, the Telegraph reports that the company must find a buyer by April or risk permanent closure. Proposals from foreign investors are currently being evaluated.
The report adds that one suitor, an unnamed Turkish company, has offered around €2 million (AU$2.9m) to buy the Bertone company.
Bertone's most recent project, the 2+2 Aston Martin Bertone Jet wagon, was reported to be destined for a limited production run, although there has been no update since its unveiling in June.