Palmers before the end: insolvency proceedings ensure uncertainty

Palmers before the end: insolvency proceedings ensure uncertainty

In a dramatic turn, the Austrian laundry manufacturer Palmers officially registered bankruptcy on Thursday. As the orf , the company expects liabilities of around 51 million euros and has applied for a renovation procedure in self -administration at the regional court of Wiener Neustadt. The reasons for the bankruptcy are diverse and contain the failure to secure necessary capital inflows in good time, massive market changes and rising interest rates due to inflation that affects the purchasing power of consumers.

The situation is extremely precarious: around 515 employees, mainly women, have been waiting for their salaries since January. Palmers has announced that it would be closely related to employee representatives to secure the outstanding wages with the help of the insolvency fee fund, as from the The press reported. In addition, as part of the renovation plan, it was proposed to pay the creditors 30 percent of their claims within two years. If this plan is rejected, the creditors would have to be satisfied with lean 2.2 percent of their demands.

offers and possibilities

The laundry manufacturer is desperately looking for an investor, with discussions currently being done without specified information about interested parties. The opening of the renovation process could offer unexpected opportunities for potential investors, since the company can reduce its debts and re -establish itself financially. According to reports, a Turkish investor could already be in discussion, although there are no official confirmations.

measures to reduce costs and market are also sought. Palmers plans to reduce his number of branches from currently 113 to 100, which has already been addressed at the Annual General Meeting. Despite the tense situation, the company has assured that a temporary reduction in jobs is not provided for as long as the search for a new investor is continued.