130 jobs saved as Best Menswear to exit examinership

Best Menswear is set to successfully exit examinership on Friday, securing the jobs of 130 of the company’s employees. This follows the approval of the examiner’s scheme of arrangement in court today.

The company entered examinership in July 2015 following the closure of Clerys. Best Menswear is one of a number of concessionaires in Clerys who are owed between €1.5 million and €2 million by OCS Operations Ltd, which ran the department store. The closure of Clerys put an enormous strain on cashflow, compounding the company’s trading difficulties and ultimately led to the decision to seek the appointment of the Examiner.

Almost all Best Menswear stores will continue to trade, including stores in Arklow, Blanchardstown, Drogheda, Dundrum, Liffey Valley, Mahon Point, Newbridge, Santry, Stephens Green, Stillorgan and Swords.

Best Menswear was established in 1948 and is one of Ireland’s oldest menswear retailers selling quality clothing from leading international brands including Tommy Hilfiger, Remus Umo, Strellson, Baumler and Lacoste.

David Jones, Managing Director, Best Menswear said; “We are delighted to be set to successfully exit examinership on Friday. The process has facilitated Best Menswear reaching agreements with our creditors and, together with the adoption of a range of cost control measures, we now look forward to a bright future. As a direct result of this process, 130 jobs in Best Menswear stores have been saved.”

“We are in business 70 years and we look forward to continuing to serve our loyal customers throughout the country for many years to come. We will now be re-investing in the business to ensure we will remain among Ireland’s leading menswear retailers of quality clothing for many more decades to come.”