Monday, September 17 12:42:19
Fewer jobs will be lost and fewer stores will be closed after a Dublin court approved a new rescue plan with the examiner of the Grafton Group-owned DIY chain.
Earlier this year, an examiner was appointed after it emerged that most of the chain's 13 stores were trading at a loss.
The High Court heard that the company had a reasonable prospect of survival if a scheme was put in place which would include the closure of five of the stores and cutting staff numbers from 348 to 234.
However, this morning the court was told only two stores will close and an additional 70 jobs will be saved.
Mr Justice Sean Ryan said he had no hesitation in approving the scheme of arrangement which will see creditors paid 32pc what they are owed.
Lawyers for the examiner said every creditor had voted in favour of the scheme.