Kingfisher-owned B&Q Ireland is seeking examinership after filing a petition with the High Court in Dublin today (January 31).
PWC's Declan McDonald has been appointed interim examiner for the nine-store chain, which has operated in Ireland since 2002. While B&Q has confirmed that all nine stores will continue to trade as normal during the examinership process, should the stores end up closing it could mean the loss of 690 jobs.

Two of the nine stores - Athlone and Waterford - have already been earmarked for closure. A statement from the B&Q Ireland management team said: "In addition, most of the other stores will require the agreement, by individual landlords, of substantially improved terms. In light of the required change to terms, management consider it likely that a further two stores will be closed."

The decision to enter examinership, a similar status to entering administration in the UK, was taken to facilitate the survival of the company, which has been hit hard by the Irish economy and the decline in housing sector spending.

The company has insisted that all pre-paid goods and services including kitchens, bathrooms and bedrooms and their installation, together with gift vouchers and credit notes will be honoured.

B&Q Ireland chairman Brian Mooney said: "The management team is hopeful that a sustainable business can emerge from the examinership process, based on a restructuring of the company. Our priority remains our employees and our customers.

"Our colleagues have been briefed on today's development, and understand that the company's objective in seeking the appointment of an Examiner is to try to protect jobs and retain competition and consumer choice in the market. However, we cannot anticipate the outcome of this process which is subject to the Examiner's recommendations."