Holzmann Textil GmbH, a franchisee of the Austrian lingerie supplier Palmers, has filed for bankruptcy.
The bankruptcy proceedings were opened on Friday at the competent regional court in Korneuburg, according to the creditor protection organization Alpine Association of Creditors (AKV Europa).
The Sommerein-based company made “heavy investments” in individual branches as part of its founding in 2019. Then, at the beginning of 2020, the pandemic followed with business closures and a drop in sales, which is now decisive for the bankruptcy, according to Holzmann Textil’s own application, which is available to AKV Europa. The operator of seven Palmers stores is currently assuming total liabilities of almost EUR 890,000. The current financial circumstances still have to be checked by an insolvency administrator to be appointed as part of the procedure.
There are no plans to continue the business or to restructure Holzmann Textil GmbH. Locations in Eisenstadt, Mattersburg, Neusiedl am See, Mannersdorf am Leithagebirge, Saalfelden am steinernen Meer and Zell am See as well as around 25 creditors including 15 employees are affected.