A Milan court has granted creditor protection to Roberto Cavalli giving the troubled Italian fashion house up to 120 days to present a turnaround plan, two sources told Reuters on Monday.

The Tuscany-based luxury group decided to ask for Chapter 11-like protection at the end of March to keep the business running while it finds a new investor.

Three investors including Italian fashion entrepreneur Renzo Rosso are eyeing a possible bid for the luxury label.

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Cavalli was not immediately available for a comment.

Private equity firm Clessidra has been trying for months to sell its 90 percent stake in Cavalli which has posted a string of losses in recent years.