Próchnik files restructuring motion. Plans to sell Rage Age brand

The management board of WSE-listed fashion retailer Próchnik filed a restructuring request to the district court in Warsaw. In it, Próchnik outlines the plan to sell its assets not directly necessary for the company’s operations, which include the Rage Age brand, as the company wants to shift the focus to its Próchnik brand. “The decision of the management board was dictated by the concern for the survival of the company, which has been listed on the WSE since 1991,” the company said. Próchnik reported that the loss of the ability to pay liabilities is the result of the effects of ineffective implementation of strategic decisions summed up over many years, which, therefore, did not bring the expected results. “The current management board was able to correct the existing irregularities with full determination, but unfortunately the current market conditions differ radically from those that in the past years have allowed the company's industry competitors to multiply their performance indicators. the consequence is the sanation process,” Próchik explained. The basic objective of the restructuring plan included in the submitted sanation application is to restore the company's ability to perform its obligations.