Home and DIY retailer B&Q Ireland, a wholly-owned subsidiary of retail group Kingfisher, has exited Examinership today after three months, thanks to an investment from the group which was approved by the High Court, it is understood.
Kingfisher is to invest over â‚¬2.4million (£2.03 million) saving some 640 jobs as eight stores across the country continue to trade despite the closure of its outlet in Waterford, according to the Irish Times.
It had been feared that a further four stores would cease operating though these are to remain open under the new plan.
Commenting on the decision to call in an Examiner in February, a statement from Kingfisher explained at the time that ongoing troubles in the Irish economy had made a restructure inevitable.
The statement said: “Despite remedial efforts by management, losses in the Irish market can no longer be sustained by the company, and it is hoped that a restructuring via Examinership will provide for the potential for survival of some part of the business.”
Kingfisher has struggled to succeed in recent months as the homewares market remains fragile, reported a full-year profit fall of 11.4 per cent to £715 million in March, though the group recently announced plans to expand into Romania as it remains positive about its position in the sector.
B&Q Ireland‘s Chairman Brian Mooney said of today‘s news: “B&Q Ireland employees have had a challenging three months and so today‘s encouraging plan is a great relief.
“There is huge regret that the Waterford store was not viable, but, for the rest of the business, we look confidently forward to a sustainable future.
“We are more committed than ever to our operations in Ireland, and our loyal customers and employees.”