Insolvency risk at Palmers: Hundreds of jobs in the clothing industry threatened!

Insolvency risk at Palmers: Hundreds of jobs in the clothing industry threatened!

The crisis at Palmers, a traditional underwear manufacturer, is dramatic: The company has officially filed for bankruptcy, which questions the fate of hundreds of employees. According to krone.at , the loss in the 2023/24 financial year was almost three times the previous year and amounted to alarming 14.7 million euros. While sales dropped to 66.6 million euros, the negative equity is around 2.7 million euros. In addition, Palmers is faced with oppressive financial obligations. In the middle of the current year, loans of 14.418 million euros must be refinanced, which also tenses the situation.

renovation efforts and impending payment periods

The plans for the renovation of the company are in full swing, but Palmers only has time until February 14th to apply for a renovation process with self -administration. This has to be done before important tax payments are due on February 15, as reported to Kurier.at . As part of this procedure, a repayment offer of 30 percent should be submitted to the creditors within two years. So Palmers is under immense pressure to present a sustainable plan to convince the creditors and secure jobs.

In addition, a credit rating published by Creditreform indicates dangerous financial risks. The current status is 431 out of 600 points, which is classified as a "failure" when the 500 mark is exceeded. Furthermore, payment delays and installment payments have heavily burdened the company's reputation. A bright spot: According to the protocol of a general meeting on January 25th, there were talks with potential investors about a capital increase that could secure the long -term future of the company in the event of success.