Bankruptcy of TXM
The popular discount clothing chain TXM collapsed.
A few days ago, the bankruptcy trustee of TXM Textilmarket announced that on December 7, 2022, a court decision on the declaration of bankruptcy of the indicated chain of stores became final.
It is worth recalling that the TXM chain of clothing and industrial stores began operating in 1989. The development of the company was rapid. At the end of 2016, 400 stores were thriving. This prompted the chain’s management to expand its activities beyond Polish borders. In this way, stores began to be established in Romania and Slovakia. This is probably what prompted the management of the network to enter the Warsaw Stock Exchange. It happened in 2017. However, already in 2018, financial problems began to be noted, which in 2019 turned into an application for the initiation of accelerated arrangement proceedings. As part of the developed recovery plan, the following was assumed:
- analyzing the functioning of stores and closing unprofitable ones;
- limiting activity to Polish borders only;
- reduction of operating costs;
- agreement with banks.
The company managed to achieve the above assumptions. So it seemed that nothing stood in the way of a systematic rebuilding of the lost position. However, the coronavirus pandemic thwarted those plans. As a result, on April 30, 2022, the company filed for bankruptcy, and on December 7, 2022, the court decision in this case became final.