After 160 years of lending a rakish look to the likes of Winston Churchill, Humphrey Bogart and Indiana Jones, an iconic Italian hat company has been declared bankrupt.

Borsalino, famed for its stylish fedoras and panamas, was declared insolvent after a court in Alessandria, northern Italy, rejected a rescue plan and placed the company in administration.

The judge refused a request for court protection from the firm’s creditors, who are owed around €18m (£16m).

The firm has a long line of illustrious customers, including Johnny Depp, the singer Pharrell Williams and the film director Federico Fellini, but its popularity with celebrities was not enough to save it from poor management.