The Irish High Court has approved the examiner's recommendations for DIY chain B&Q Ireland. Under the scheme, which sees over EUR2.4m in new investment by parent company Kingfisher, B&Q Ireland will continue to trade at eight stores.
The rescue plan includes closure of B&Q’s Waterford store. Another four stores had also been under threat, including its outlet in Athlone, but these will now remain open.
B&Q Ireland sought the appointment of an examiner in January in an effort to save the business, which had been significantly loss-making due to the deterioration of the economy and "unsustainable rents".
"B&Q Ireland employees have had a challenging three months, and so today's encouraging plan is a great relief," said Brian Mooney, chairman of B&Q Ireland. "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."
B&Q has operated in Ireland since 2002 and has outlets in Athlone, Cork, Galway, Limerick, Naas and at three locations in Dublin: Swords, Liffey Valley and Tallaght.
