Million-dollar bankruptcy of a retailer for fashion and lifestyle items

About the company’s assets Panthax GmbH (FN644903m), based in Vienna, bankruptcy proceedings were filed at the Vienna Commercial Court. 56 employees are affected by the bankruptcy. Wages and salaries were paid up to and including November 2025. The company previously operated under the brand Higgins. And has ten locations in Austria. The website can be found at https://higgins-world.com/

The background

“The insolvent debtor’s company was founded on January 14, 2025. It is an Austrian trading company with a focus on the retail of fashion and lifestyle items. The business area includes the sale of clothing, shoes, accessories and leisure items to end consumers,” said the AKV. “The company sells its products both stationary in branches in Vienna, Lower Austria, Upper Austria and Salzburg as well as through various sales channels, including direct sales, indirect sales and multi-channel sales. Panthax GmbH also participates in other companies and companies. In total, the company operates 10 branches throughout Austria.”

The debts

The debt is valued at 1.5 million euros and affects 220 creditors. Once an inventory has been made and the estimate from an expert to be appointed by the insolvency administrator, the exact value of the fixed and current assets in the debtor company should be announced. Any open claims must also be checked by the insolvency administrator to determine their value and collectibility.

No future

“The applicant currently intends to close the company. No application for restructuring has currently been submitted,” it continues. “It cannot be said at the moment whether this is planned and will be clarified in the course of the proceedings.”