Traditional underwear manufacturer Palmers could be the next victim of the bankruptcy wave: according to media reports, the company that had been affected for a long time could not pay the current salaries of the employees. A message announced for Monday late nothing good …
The company has long been looking for investors. In the previous year, Palmers registered a loss of 14.7 million euros, while sales fell from 71.5 million to 66.6 million euros. The equity fell from around seven million euros to at least 2.6 million euros. Moreover, a COVID loan of several millions of dollars is due in June.
Branch closures already recorded
Palmers had already decided last year to close approximately 20 of his approximately 120 branches in Austria by 2026. In addition, a crowdinvesting campaign was started to collect 500,000 euros from small investors via the Rockets platform.
500 affected employees
On the part of management, no one wanted to comment on the Salzburger Nachrichten on Friday. There should be a crucial session during the weekend, only on Monday that the company wanted to become public with a statement. Palmers currently employs around 500 employees in Austria.
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.
