B&Q back in court to confirm examinership appointment

on 12/02/2013 07:41:21

Struggling DIY chain B&Q Ireland will return to the High Court today looking to confirm the appointment of an examiner over their nine Irish stores.

The company was placed under court protection two weeks ago.

B&Q Ireland's problems are all too familiar, with high rents and a 32% revenue decline in the last four years.

The home improvement chain has been left insolvent. It owes UK parent company Kingfisher more than €17m.

It is hoped slashing the €11.6m rental bill and closing twoof the nine stores - in Athlone and Waterford - will be sufficient to save the business.

Ninety-two staff work in those two stores - overall the company employs 690 people on a full time and part time basis.

Declan McDonald of Pricewaterhouse Coopers was appointed interim examiner last month.

Today the High Court will be asked to extend its protection against creditors for 70 days