Palmers Creditors Approved Restructuring Plan
Following the acceptance of the Palmers restructuring plan by the creditors, the entry of an "international investor group" is to be determined, Palmers announced on Tuesday. The names of the potential investors have not yet been disclosed.
Turkish Company to Invest in Palmers
It is said to be a "Turkish, publicly traded company from the textile sector, flanked by a private equity firm and a Swiss fund," the news magazine "profil" recently wrote, referring to the company environment. The Palmers creditors are soon to receive a small part of their money back. The agreed first quota by June 30 is "necessary because the already very advanced investor talks could not be finalized by today's voting session," explained KSV insolvency expert Karl-Heinz Götze on Tuesday in a statement. It is "assumed from today's perspective that these talks can be successfully concluded shortly."
According to AKV, the planned investor entry is to take place at the level of the parent company. Therefore, the takeover of P Tex Holding GmbH and the subsidiary - Palmers Vermögensverwaltung und Beteiligungs GmbH - is intended. According to creditor protectors, around 400 creditors and over 500 employees have registered claims amounting to around 76 million euros. Of this, Palmers restructuring administrator Maria-Christina Nau has so far recognized over 40 million euros. The remaining quota payments to the creditors of 5 percent each, payable within 12, 18, and 24 months from the acceptance of the restructuring plan, are to be generated from the continued operation of Palmers as well as with financial support from the investor.
Palmers Filed for Bankruptcy in 2025
The traditional company ran out of money this year and therefore had to file for bankruptcy in February. Since then, 47 branches have been closed, over a hundred employees and several franchise contracts have been terminated. According to company information, 70 own branches and 46 operated by franchise partners were still open at the end of April. The workforce of Palmers Textil AG fell to under 400 employees.
Palmers was founded in 1914 by Ludwig Palmers as a lingerie store in Innsbruck and gained attention from the 1950s onwards, especially through its billboard advertising. Palmers was family-owned until 2004, then belonged to financial investors like the German fund Quadriga until 2015, and since then to the brothers Luca and Tino Wieser as well as Matvei Hutman.
Palmers caused a scandal during the coronavirus pandemic when the lingerie retailer, together with the fiber manufacturer Lenzing, entered the FFP2 mask business with the joint venture Hygiene Austria, but labeled masks from China as "Made in Austria." Last fall, Palmers sought fresh money from small investors. Financing problems were still denied at that time.
(APA/Red)
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