The change in the Scandinavian market leader changes the insolvent textile chain of Palmer and serves the creditors at the last minute.
There was still time until Monday, now the Palmwael chain finally set up the money: 2.73 million euros – a quarter of the quota – would have been deposited into the account to prevent the bankruptcy. In February the registered debts amounted to around 70 million euros. Those who stood behind the now save finally advocated the industry. When accepting the renovation plan in May, an investment was promised who is sliding out of coverage.
Scandinavian market leader takes over
The Scandinavian change of Scandinavia Group will increase the remaining quotas to the creditors of five percent each. In the next two years, a total of 20 percent of debts will be paid, which is a total of around eleven million euros.
Palmers still has 117 locations in Austria with around 340 employees. Since the bankruptcy in February, 47 have done their doors. Change of Scandinavia, on the other hand, is one size larger. The Nordic Primus has more than 300 branches in Europe and Canada, as well as online stores and has around 2,000 employees.
Synergies must be used in the group in the future. Change of Scandinavia has its own production and sales facilities in Asia and Europe. “With the start, a stable development and therefore sustainable profitability must be achieved,” says a broadcast.
Families now of companies outside
The previous owner families Wieser and Hutman, who save the textile group, who had already been battered in 2015, eventually distribute the company. Palmers walk 100 percent under the roof of the Danes. The chain was under pressure and moisture with image problems for a long time. Moreover, there was a debacle of several millions of dollars around the Corona Mask Mask Company Hygiene Austria. The new owner must now bring out the battered chain. The online competition continues to increase classic dealers such as Palmers. Change of Scandinavia also recently fought the most with red figures.
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.
