The current financing of the business is "currently secured." Negotiations with various investors are currently underway to finance the Palmers restructuring. The revenue of the lingerie retailer significantly exceeds the planned financial and continuation planning, as the Alpine Creditors Association (AKV) announced on Tuesday. Therefore, the restructuring process is to be continued with self-administration.

Palmers Optimistic for Successful Restructuring Process

With the now announced branch closures, the lingerie group has initiated the first restructuring steps since the opening of insolvency proceedings in mid-February. Recently, Palmers operated 114 own branches with a total of 515 employees. Furthermore, unprofitable franchise contracts are to be terminated and loss-making subsidiaries abroad are to be closed, creditors learned at the creditors' meeting with the restructuring administrator Maria-Christine Nau and Palmers board member Janis Jung. However, without third-party assistance, "from today's perspective, financing the continuation and the restructuring plan quota is not feasible," noted the AKV.

Currently, according to the credit protectors, talks are being held with three Austrian investors. In addition, according to Palmers, "ongoing further inquiries from new investors" are being received. Furthermore, assets such as participations are being scrutinized - including the value of the "Palmers" brand. The lingerie retailer is optimistic: "The management of Palmers Textil AG and the restructuring administrator are confident that the company will successfully complete the restructuring process," emphasized the company. Currently, "there are three concrete investor processes" and "ongoing further inquiries from new investors."

Decisive Restructuring Plan Meeting to Take Place on May 6

In the insolvency application from mid-February, liabilities were stated at 51 million euros, assets at 11.50 million euros. However, with the secured outstanding amounts, liabilities amounted to around 69 million euros, as Creditreform reported at the time. However: "The examination and report meeting taking place on 22.04.2025 represents the next significant date in this restructuring process," said Peter Stromberger from the Credit Protection Association of 1870. "Only after this meeting will the total amount of registered liabilities be determined and a concrete report on the previous continuation of the debtor company be available." The decisive examination and restructuring plan meeting will take place on May 6.

(APA/Red)

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