Recession takes its toll on DIY chain
DIY chain Atlantic Homecare was placed in examinership yesterday following an application by the company to the High Court in Dublin.
The company has 13 stores around the country and although it has been placed in examinership it looks like only a hand full of stores may have to close, which ultimately is going to result in more job losses for the country.
A report prepared by KPMG states there are hopes that 234 jobs of a total of 348 may be saved.
According to Breakingnews.ie, the stores that may have to close include Liffey Valley in Dublin, Pouladuff in Cork, Newbridge in Kildare, Childers Rd in Limerick and Wellpark in Galway.
It’s sad news for DIY lovers, but it doesn’t come as much of a surprise seeing as the company has accumulated losses of more than €21m since 2007 – right when things began going down the pan.
"Turnover has fallen by 44% from €100m in 2007 to €56m last year, with further declines forecast," the company said.
Thankfully, they haven’t bowed out of the fight just yet. "There is a good prospect of Atlantic becoming a sustainable business if an extensive restructuring programme can be implemented.”