Local underwear manufacturer Palmers is struggling with red figures. Losses “reached double digits of millions of euros,” says Kristian Radosavljevic, CFO of Palmers.
Radosavljevic’s operating loss is roughly at the same level as last year, and there are even larger financial corrections and one-off effects in foreign investments.
“Took over”
Palmers CFO said it has ‘overtaken itself’ in recent years and will withdraw from some Eastern European markets. The loss in the 2022/23 financial year was €4.5m, with revenue falling from €75m to €71.5m.
Currently 500 employees at Palmers
The laundry company now wants to reduce its locations in this country. “We will have to reduce the office network in Austria from around 120 to around 100 branches in the next 24 months,” Radosavljevic announced in the “Pers”. Currently, around 500 employees work at Palmers.
Crowdfunding Project
Palmers now wants to raise half a million euros from small investors via the crowdinvest platform Rockets to modernize the branches. “The fact that we are now doing a crowdfunding project to rebrand a number of branches has nothing to do with any financing problems,” says the CFO of Palmers.
According to Rockets’ website, 327 small investors have so far invested €343,500 in Palmers’ subordinated loans. The laundry company set a funding threshold of €500,000 at the end of September. If the funding threshold is not reached, investors will get their capital back immediately and without any deductions, according to Rockets.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
