DIY chain B&Q Ireland has exited examinership saving over 600 jobs it was
announced today in the High Court. Fashion group Pamela Scott also exited
examinership, saving almost 140 jobs
B&Q Ireland, which began operations in Ireland in 2002, has outlets in Athlone, Cork, Galway, Limerick, Naas, and 3 in Dublin locations; Liffey Valley, Swords, and Tallaght.
The firm had applied for the appointment of an examiner in January in a bid
to rescue the business which was loss-making.
Suppliers are getting 10% of the €3.3m due to them while B&Q’s parent and associated group companies, will not receive any of the €22.4m due to them.
Twelve of the 24 Pamela Scott stores have exited the examinership process.
Flairline Fashion, an Irish company dating from the 1970s, which owns the Pamela Scott, Richard Alan, Ashley Reeves and Lisa Perkins franchises, said the 12 shops Pamela Scott will remain open and all 137 jobs at the stores have been secured.
The company said that negotiations with its landlords have resulted in a 40% reduction in overheads since 2007.
Check out our subscription service, Finfacts Premium , at a low annual charge of €25 - - if you are a regular user of Finfacts, 50 euro cent a week is hardly a huge ask to support the service.
© Copyright 2011 by Finfacts.com