Reorganization proceedings

Wholesaler of tights is now insolvent

The default on a coronavirus loan made it inevitable that the company would have to go to insolvency court.

(Bild: New Africa)

Yet another insolvency in the underwear business: after the textile chain Palmers slipped into bankruptcy with around 51 million euros in liabilities, a wholesaler of tights, hosiery and underwear from Upper Austria has now also been hit. The default on a coronavirus loan made the opening of restructuring proceedings unavoidable.

While the search for investors is underway for the textile chain Palmers, which has slipped into insolvency, the next underwear specialist slipped into bankruptcy on Friday. Reorganization proceedings were opened for Oberndorfer Beinmoden-Vertriebs-GmbH in Wels.

Corona loan of 450,000 euros called in
According to KSV1870, the over-indebtedness of the wholesaler of stockings, hosiery and underwear amounted to around EUR 334,800. Insufficient profit contributions from supplying large retail chains are cited as the cause of the insolvency. In addition, the company had been without management for several months following the death of the shareholder in November 2023. Now an aws corona loan of 450,000 euros was called in, plus high fixed costs - that sealed the bankruptcy.

Oberndorfer Beinmoden-Vertriebs-GmbH intends to continue operations. Unprofitable business is to be avoided in the future, rented space is to be adapted and overcapacity in staff is to be reduced. Creditors will be offered a 20 percent quota. "According to the information in the insolvency application, this quota is to be generated from the continuation and current orders," says Petra Wögerbauer from KSV1870.