A WELL-known department store in Athboy faces closure with the loss of 40 jobs if a bank-appointed receiver secures possession of the premises, a court has heard.
Bank of Ireland appointed Barry Forrest as receiver over McElhinney's Department Store, McElhinney's Bridal Shop, as well as another property known as Guinans, all of which are on Main Street, in the Co Meath town.
The move came after the owners, various members of the Sweeney family, failed to repay loans of €2.34m, the High Court heard yesterday.
Earlier this week, lawyers for the receiver got court permission to seek injunctions granting Mr Forrest possession of the properties after he and his agents were denied entry.
The matter was mentioned briefly before Mr Justice Paul Gilligan yesterday, who was told by Neal Sweeney, the general manager of the stores, that they would have to close after 78 years in business. He said all 40 employees would lose their jobs if the receiver was granted possession.
The judge adjourned the receiver's application for a week.