Palmers before rescue? Investor wants to help insolvent laundry dealers!

Palmers before rescue? Investor wants to help insolvent laundry dealers!

Vienna, Österreich - The Austrian clothing dealer Palmer faces an unsafe future after the company has filed for bankruptcy. Negotiations on a possible rescue plan are in full swing. A foreign investor is supposed to help Palmers from the financial crisis, but the entry still remains uncertain. According to vienna.at , a declaration of intent was signed between the previous owners and a strategic investor group that includes an stock market. However, the support of the investor is only secured if the contract is officially presented and signed.

The situation for Palmers is tense. The company has accumulated debts of almost 80 million euros. In order to accommodate the creditors, it was originally planned that they will receive 30 percent of their claims. However, the minimum quota is now to be reduced to 20 percent, since Palmers has given up self -administration in the renovation process. The time for the vote on the renovation plan was postponed to May 20, 2025.

branch closures and employee reduction

The bankruptcy has already resulted in drastic steps. Since registration in February, 47 branches have been closed and over 100 employees lost their workplace. Several franchise contracts have also been terminated, and the staff of the Palmers Textil AG is now among 400 employees. However, some branches remain: Currently 70 of their own and 46 are opened by franchise partners.

For Palmers, it is becoming increasingly important to obtain fresh capital in order to be able to repay at least part of the existing debts. So far, claims of 76.8 million euros have been registered, of which only 17 million euros were recognized. These financial challenges illustrate the problem with which the company is confronted.

market development and insolvency statistics

The bankruptcy of Palmers reflects a worrying trend towards the economic situation of companies in Austria. According to the current insolvency statistics, which is published by Creditreform has increased the number of bankruptcies in recent years. This shows that many companies have to fight in the current economic situation to secure survival.

The coming weeks will be crucial for Palmers, especially with the upcoming coordination of the renovation plan. The support of investors could be of crucial importance for both the restructuring of the company and for the future of many affected employees.