Próchnik files for bankruptcy but awaits restructuring ruling
17:51
Próchnik management submitted to the District Court in Łódź an application for the bankruptcy of the company - Próchnik informed in a statement. At the same time, the Management Board requests that the application be withheld until the court issues final ruling regarding the company's earlier restructuring application.
The main assumptions of the restructuring, presented in the application submitted on March 27, 2018, are the sale of all assets that are not directly necessary for the continuation of the business, focus on the development of the Próchnik brand and the sale of the Rage Age brand.
According to the plan, the company will return to the surface cover as a basic part of the Próchnik brand offer and will put emphasis on building the brand recognition and prestige as an expert in this segment.
The changes will also include a strong focus on online sales referring to the ever stronger market trends and a radical reduction of fixed costs. The restructuring carried out according to the assumptions made - according to the management of Próchnik - will ensure the highest possible level of satisfaction of the creditors.
