TXM stores bankruptcy

– The basic factors underlying the management’s decision were achieved financial results and liquidity situation, determined in the last two years by the negative impact of the COVID-19 pandemic, and at the same time the lack of state support for TXM as an entity undisputedly affected by the effects of the pandemic – it was written in the press release.

In a separate message, TXM announced that received statements from the PKO BP and ING BSK banks making periodic changes to some of the provisions of the restructuring agreement and containing consent to changes to the banks’ obligation to refrain from exercising certain rights in connection with the ongoing violation. The aim is to guarantee time to work out new rules of cooperation for the next period, until May 11, 2022.

TXM is the owner of a discount chain of stores called TXM and Textilmarket. At the end of December 2021, the chain in Poland consisted of 204 stores with a total area of ​​46.9 thousand. m. The company also runs an online store.

In 2021, TXM’s operating loss amounted to PLN 15.3 million, compared to a PLN 22.3 million loss a year earlier.

TXM has been restructuring for three years

In April 2019, TXM filed a motion to open accelerated arrangement proceedings, arguing that such proceedings “will help to heal the company’s situation and ensure the company’s financial stability in the future.”

In mid-May the court granted the application, which suspended the application for bankruptcy of the company filed by one of the creditors.

The TXM capital group recorded significant net losses, with declining sales, over the last five years. In 2017, it had PLN 386.55 million of revenues and PLN 36.62 million of net loss, in 2018 – PLN 353.5 million of revenues and PLN 63.32 million of net loss, a year later – PLN 223.32 million of revenues and 68, PLN 08 million net loss, in 2020 – PLN 138.7 million of revenues and PLN 12.38 million of net loss, and last year – PLN 146.34 million of revenues and PLN 24.62 million of net loss.

At the end of last year the company had negative equity in the amount of PLN 88.57 millionagainst PLN 27.5 million in the negative last year.

The main shareholders of TXM are Redan (with shares representing 24.27% of the capital and 34.39% of votes at the general meeting) and 21 Concordia (19.23% of the capital and 16.66% of votes at the general meeting).

–