Possible Investor in Sight After Palmers Insolvency

The lingerie retailer Palmers is undergoing a restructuring process without self-administration. Palmers' restructuring administrator Maria-Christina Nau confirmed ongoing investor talks in response to an APA inquiry. However, she did not comment on specific investor names or when the investor entry could be finalized. There are also positive signals from the company. "The talks with the international investor group are going very well, and we are happy to provide an update after the creditors' meeting on May 20," Palmers told "profil." At the next creditors' meeting, a vote on the restructuring plan is to take place.

Palmers withdrew self-administration at the end of April

Palmers needs fresh money to be able to repay at least part of its debts. At the beginning of the insolvency proceedings, it was planned that creditors would receive 30 percent of their claims. However, on April 22, Palmers withdrew self-administration in the restructuring process in court. The minimum quota for creditors thus dropped to 20 percent. By April, claims of 76.8 million euros had been filed, but only 17 million euros were recognized.

The traditional company, founded in Innsbruck in 1914, ran out of money this year and had to file for insolvency in February. Since then, 47 branches have been closed, over a hundred employees as well as several franchise contracts have been terminated. According to company information from the end of April, 70 own branches and 46 operated by franchise partners remain open. The workforce of Palmers Textil AG has fallen to under 400 employees.

(APA/Red)

This article has been automatically translated, read the original article here.