The Austrian shirt manufacturer 1947 is insolvent.
According to the Alpine Creditors Association (AKV), the tailor-made shirt manufacturer registered restructuring proceedings without self-administration with the responsible regional court in Wiener Neustadt last week. Attorney Ulrike Grünling from the law firm Rigler & Grünling was appointed as insolvency administrator.
The reason for the insolvency of the company, which has been part of the Viennese family business Lambert Hofer GmbH & Co KG led by Peter Hofer since the end of 2022, is due to necessary value adjustments to the inventory value as well as increases in provisions and the associated unexpectedly high balance sheet loss, according to the AKV.
Eleven employees and around 100 creditors are affected by the insolvency. According to the creditors’ association, wages and salaries have been outstanding since December 2023.