Jobs at risk as Carl Scarpa chain applies for examinership
on 25/09/2013 18:13:29
The application is by firms CS Calzature Ltd and Carl Scarpa (Grafton Street) Limited which own and operate approxaimately 20 outlets that trade under the Carl Scarpa name in Ireland in the UK.
The two firms employ more than 80 full-time and part-time staff.
The comapnies cited high rents and the general economic downturn for their currently difficulties.
The firms are seeking the appointment of an examiner on the grounds they have a good prospect of survival if certain steps are taken.
The Carl Scarpa brand has been in existence since 1974.
Today at the High Court, the firms, both with a registered address at North Park, North Road, Finglas Co Dublin secured the protection of the High Court from their creditors.
When the matter was briefly mentioned before Mr Justice Sean Ryan barrister Declan Murphy Bl for the companies said his clients will petition the court next week for the appointment of an examiner.
Counsel told the court it will put the firm's creditors, which include the Revenue Commissioners Ulster Bank, landlords and local authorities, on notice of the application.
Mr Justice Ryan agreed to adjourn the matter to Wednesday of next week.
The companies, whose directors and shareholders are Keith and Stephen Moffitt, blame their current financial difficulties on the collapse in the Irish economy, high rents and cash flow problems. Its says its turnover has fallen year on year since 2011.
The firms are confident that if an examiner is appointed and certain steps are taken, including securing approval from the High Court and its creditors on a scheme of arrangement, they can continue to trade as going concerns.
The companies and their creditors would do much better if they were allowed to continue as going concerns rather than if they were wound up.