DIYWEEK.net

Beleaguered Irish retail chain Atlantic Homecare has been given more time by the High Court to try to turn its fortunes around.
Part of Grafton Group, loss-making Atlantic entered examinership in June, allowing it a period of protection from creditors while it investigated restructuring solutions. The court has now extended that period from 70 to 100 days, which the examiner hopes will give Atlantic time to come to an arrangement that will allow it to carry on trading.

Woodies DIY, a sister Irish chain under the Grafton umbrella, has stated again that it is prepared to invest in Atlantic.

While Atlantic has failed to make a profit since 2007, racking up total losses of €21m, the court heard that the company had a reasonable chance of survival with the right scheme in place. This could involve closing around five of the chain's 13 stores, redundancies and renegotiations with landlords over upward-only rents.

Atlantic has been badly hit by the recession, in particular by the drop in consumer spending and in the housing sector.