Holzmann Textil GmbH with seven Palmers branches is affected. Refurbishment not intended, the liabilities are almost 890,000 euros
Holzmann Textil GmbH has applied to the regional court in Korneuburg to open bankruptcy proceedings. Founded in 2019, the company operates seven Palmers branches in Austria as a franchisee. The company is currently being continued, but a reorganization is not intended, the creditor protectors Creditreform and KSV1870 reported on Thursday. Liabilities are expected to be around EUR 890,000.
According to information provided by the debtor, all branches are currently still open and no employees have been terminated, as the branches may be taken over. There are two locations in Eisenstadt and one store each in Mattersburg, Neusiedl am See, Mannersdorf, Saalfelden and Zell am See. The future fate of the debtor company will ultimately have to be examined by the insolvency administrator who has yet to be appointed.
According to the information, nine creditors and 15 employees are affected by the insolvency. According to the broadcast, the causes of insolvency lie in the economic consequences of the Covid 19 pandemic. Added to this was the termination of the franchise agreements by Palmers Textil AG.
The information could not have been checked in the short time by KSV1870, it was emphasized. The KSV also “expressly stated that only the franchisee Holzmann Textil GmbH had filed for bankruptcy and not Palmers Textil AG itself”.