Client News > Release
10-06-2010
Bestseller Retail Ireland Limited Welcomes Approval by High Court of Scheme of Arrangement Proposed by Examiner
Bestseller Retail Ireland Limited, the company behind a number of well known clothing stores around the country, has today welcomed the approval by the High Court of a scheme of arrangement for the company that was put forward by the examiner.
After a period of restructuring that has taken place over the last three months, Bestseller Retail Ireland Limited now has 15 stores in the Ireland, employing 105 personnel. The company has not ruled out the possibility of re-opening some of its other outlets that were temporarily closed in the weeks following the appointment of the examiner.
The examinership of Bestseller Retail Ireland Limited began with the appointment by the High Court of Declan McDonald of PricewaterhouseCoopers as Interim Examiner on February 28th 2010, and its subsequent appointment of Mr. McDonald as Examiner on March 9th 2010. Bestseller Retail Ireland Limited is now focused on continuing to trade successfully through its network of stores throughout Ireland.
Lucy O'Mahoney, General Manager, Bestseller Retail Ireland Limited, said: "We are delighted to have come through the examinership process as a viable, fully functioning entity. We still regret the changes that had to be made, and the impact on a number of our staff, but they were necessary to secure the survival of the group, as a whole".
"In recent months, we have worked closely with all of our landlords and creditors to agree on the measures to be taken to ensure that we could continue to trade, albeit in a reduced form. The fact that we have been able to agree mutually acceptable terms with almost all parties has been critical to the success of this process," said Ms. O’Mahoney.
Bestseller Retail Ireland Limited, which is wholly owned by its Danish parent company, Bestseller A/S, has been trading in Ireland since 1991 and sells clothes and accessories under a number of different brand names, the most well known of which are the Vero Moda and Jack & Jones labels.
"Going forward, we are committed to securing the future of our existing network and are now concentrating on maintaining sales and profit margins across all of our stores. We are fully aware of the difficult trading environment in which we continue to operate. But we are confident that, having successfully come through the examinership, we now have a solid basis from which to do business in Ireland," said Ms. O’Mahoney.
NOTES TO EDITORS:
Bestseller Wholesale (Ireland) Limited
Bestseller Wholesale (Ireland) Limited is a wholesale company operating in the retail sector in the Republic of Ireland. It is owned by Bestseller A/S. It has not been affected by the appointment of the Examiner to Bestseller Retail Ireland Limited.
Bestseller Retail Ireland Limited network
The 15 retail outlets that are currently operated by Bestseller Retail Ireland Limited in Ireland are as follows:
- Vero Moda, Athlone Town Centre, Athlone
- Jack & Jones, Athlone Town Centre, Athlone
- Vero Moda, Blanchardstown, Dublin
- Jack & Jones, Blanchardstown, Dublin
- Vero Moda, Bloomfields SC, Dun Laoghaire
- Vero Moda, Omni Park SC, Santry, Dublin
- Jack & Jones, Omni Park SC, Santry, Dublin
- Vero Moda, Patrick Street, Cork
- Jack & Jones, Patrick Street, Cork
- Vero Moda, Eyre Square, Galway
- Vero Moda, Grafton Street, Dublin
- Vero Moda, Market Cross SC, Kilkenny
- Vero Moda, Tullamore, Offaly
- Vero Moda, Tallaght, Dublin
- Jack & Jones, Tralee, Kerry
