Decline and rebirth
Canto’s tenure as director reached a crisis point in 1952. There were enormous losses and the company was forced into receivership.
Wages in the textile sector were steadily decreasing and workers left to seek higher salaries in other fields. Slowly, even the services that the company had provided were taken over by the local government and private companies.
Bruno Canto sought financiers to revive S.T.I., and was supported Michele Bagnarelli, with whom he was already in business in the real estate sector. The situation at Crespi seemed to improve, but on 20 February 1957, Canto was killed in an a car accident.
Bagnarelli assumed leadership of the business. From this point on, the slow and inexorable process of separating the factory and the village began. In particular, managing the services was particularly cumbersome for the company, and it began to put pressure on the residents to take over these aspects.
Eventually, the Cooperativa di Consumo, a cooperative company, was chosen to manage all aspects of community life.
The economic boom in Crespi resulted in a marked mobility in work. Technology evolved and the architect Elviro Bergonzo built a structure in Crespi to house the air conditioning system. The heat in the production areas was finally alleviated.
But at the beginning of the 1970s, the company was again facing difficult times and in 1970 was acquired by Manifattura Rossari e Varzi. Five years later, the factory and village were divided and the houses were sold to private individuals.
In 1976, Legler purchased the factory for denim production. In 1989, Polli Group took over ownership.
On 5 December 1995, Crespi d’Adda was named a World Heritage Site.
On 20 December 2003, the factory closed its doors.
In October 2013, the company Odissea purchased the factory and began refurbishing a portion of the complex.