Timberland has taken over the distribution in Greece, following the financial problems of its former partner there, Ridenco, which were apparently caused by the difficult economic and financial situation in the country. Two other brands, Nautica and La Martina, have also terminated their agreements with the Greek group. Timberland's office in Milan, which is responsible for southern Europe, has been taking all new orders from Greek clients since last May. It is also delivering directly all the merchandise already ordered by Ridenco's clients for the fall/winter 2011-12 season. Ridenco's largest subsidiary, Ridenco Commercial, was forced one year ago to submit a request for protection from creditors. While closing 50 of its stores since then, and pulling out of Romania, the Czech Republic, Poland and Estonia, the company has been negotiating a settlement with its creditors, which are mostly banks. A court in Athens has set Nov. 23 as the date to present a plan for the settlement of its debts.

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