The bankruptcy of Palmers was opened on February 14, now the next big step is confronted: a listed fashion company is to save Palmers. There are no details yet. In the meantime, Palmers loses self -administrator in the course of the renovation process. The branch in Zell am See will close soon.
47 branches in closure, 122 mainly female employees, twelve rejected franchise contracts, eight of them in Austria: the insolvency of the domestic fashion company Palmers, registered in February, pulls long. An investor is said to stop the downward trend of the stock company.
So far it is only known that the company has found a hopeful candidate as an investor. No information has been announced. So much: it is mentioned a mentioned.
The branch in Zell am See Closes
On March 31, the entire Palmers personnel base was informed of further steps. Accordingly, a second one followed on the first wave of closure in the course of a restructuring. The branch in Zell am See is therefore influenced by around ten employees. In the first wave it hit a branch in the Schwarzstraße of Salzburg. In total, nearly 50 employees were the victims of branch closures in Salzburg.
Uncertainty with remaining Salzburg branches
As reported, Palmers presented bankruptcy in February. So far, 1543 creditors have made claims of almost 77 million euros. So far, however, only 17 million of these have been recognized as rightly existing, as the Alpine Virant Association informs. Furthermore, it says: “The remaining claims were initially disputed (1148 claims for the 515 affected employees).”
A renovation percentage of 30 percent has been offered so far. This has now been reduced to 20 percent at the request of investors. The company also loses self -administration. The management and bankruptcy procedures will be taken over by a mass manager in the future.
In addition, the religious meeting was planned for 6 May until May 20. They wanted to conclude the negotiations with the investor, 6 May would be too short for this.
The aim of the new investor is the recovering and further development of the brand. In total, Palmers has 113 branches in Austria. 47 of them were closed in the first waves. Palmers has 16 branches in Salzburg. Two are closed. The restructuring must continue: there is also uncertainty in the company, especially with the workforce.
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.
