More than 600 B&Q employees in Ireland had their jobs saved today as the High Court approved the examiner's recommendations for the Kingfisher-owned retailer.
The scheme will see more than €2.4m in fresh investment from Kingfisher, and will mean B&Q Ireland continues to trade at eight stores countrywide.
The decision was taken for B&Q Ireland to enter examinership at the
end of January this year, following several loss-making results. The group's rescue plan involved the closure of its Waterford store on May 4, meaning 47 job losses.
Four further stores were also potentially under threat, including
B&Q Athlone, but have now been saved following the examiner's agreement.
Chairman of B&Q Ireland Brian Mooney praised staff at the retailer for their professional maintenance of standards and service during the challenging times.
"B&Q Ireland employees have had a challenging three months, and so today's encouraging plan is a great relief. There is huge regret that the Waterford store was not viable, but, for the rest of the business, we look confidently forward to a sustainable future. We are more committed than ever to our operations in Ireland, and our loyal customers and employees," said Mr Mooney.
The company's difficulties were due to the deterioration of the economy and unsustainable rents, the B&Q Irish boss added.
"Throughout the last few months our customers have shown us a fantastic level of support, which we really appreciate. B&Q Ireland is about providing the best home improvement service, and fresh innovative products and services, and we could not do this without a great employee team and loyal customers."