THE mens’ dress suit hire firm Blacktie is to go out of business, with a liquidator to be appointed next week.
Company owner Niall O’Farrell, who appeared on the TV show Dragon’s Den as one of the mentors, informed staff this morning that the firm would go into liquidation on Friday week..
Blacktie has 11 outlets nationwide. All stores will continue to trade until the end of next week, when it is hoped a buyer will be found for the company.
Mr O’Farrell said the decision had been taken in consultation with Blacktie’s banks, He blamed the tough market conditions and the situation in the wider economy for the closure.
According to the company, it has been struggling against lower cost retailers and the wider decline in the market for renting tuxedos and the like.
Once a star of Irish business, Mr O’Farrell becomes the latest well known businessman to hit the wall during the downturn. He said he had not drawn a salary for four years and invested “substantial” personal resources.