The High Court on Monday approved the appointment of David Carson, of Deloitte, as liquidator to Denholme - an unlimited company trading as the Sasha chain of 42 women's fashion stores, throughout Ireland, with 300 staff.

Carson was appointed as interim examiner to Sasha on 28 November, 2008 and examiner on 12 December, 2008 by the High Court.  In the period since that appointment there has been a marked deterioration in the trading conditions faced by the group. Consequently, the court was told there was no longer a reasonable prospect of survival and the company was put into liquidation today.

Staff representatives were informed of the move in a series of briefings on Monday afternoon.

Denholme, an unlimited company, was founded in 1982 and employed approximately 300 staff.

The company’s general unsecured creditors are owed €7.87 million, €3.37 million of it due to trade creditors. Bank of Ireland is owed €2.41 million and the Revenue €2.18 million.

The company had rent arrears in the amount of €2.05 million and arrears with local authorities in the amount of €634,477. Outstanding directors’ loans in October were €1.13 million.

The headquarters of the company is in the Marina Business Park, Cork.