Next bankruptcy?
Palmers announces “precautionary” redundancies
On Friday, the salaries of around 500 Palmers employees were no longer paid. It has now been announced that the long-established company has registered redundancies with the AMS early warning system "as a precautionary measure" (see video above).
Whether and to what extent there will actually be redundancies was not known for the time being. "The highest priority is the sustainable continuation of the company and securing the jobs of the employees," the company said.
On Saturday, it was reported that a new investor was being sought. Talks are currently underway and the restructuring plan will now be implemented more quickly. "Should this entry take place, it is planned to carry out a capital increase," the company announced. The additional funds would be sorely needed. In the 2023/24 financial year, the loss more than tripled to 14.7 million euros. Turnover fell from 71.5 million to 66.6 million euros.
High loans in the millions
In the middle of the year, Palmers will also have to refinance loans worth millions. "A key assumption for the positive going concern forecast is the negotiation of the loans maturing on June 30, 2025 in the amount of 14.418 million euros (COFAG)," it was stated in the company's annual financial statements in the fall.
Palmers AG is wholly owned by P Tex Holding. This in turn is owned by Luca (22.2 percent) and Tino Wieser (27.7 percent), who are also managing directors of P Tex Holding. The remaining 50 percent is owned by CFA Contact-Finanz und Handelsaktiengesellschaft (CFA AG), based in Liechtenstein. The Lower Austrian underwear manufacturer is based in Wiener Neudorf (Mödling district).
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