Austria
Palmers insolvent laundry manufacturer
The time around Valentine’s Day is considered a sales bearer for clothes labels. But there is nothing to celebrate with the traditional brand of Palmers. In the course of inflation, sales last suffered.
The traditional Austrian laundry manufacturer Palmers Textil AG is insolvent. The company, which is also active on the German market, announced insolvency proceedings.
In the bankruptcy application, there is talk of the difficult market environment and the retention of buying in the course of inflation. “The toxic mix of cheap competition and inflation ultimately led to this step,” analyzed Peter Weinhofer from the Creditreform.
In the 2023/2024 financial year, the losses at Palmers had more than tripled to 14.7 million euros. The company, founded in 1915 with around 500 employees, is aiming for the continuation of the company. The approximately 15 shops in the core market of Germany should also be preserved.
dpa
Source: Stern
