Wednesday 28 September 2016

Gift vouchers for Best Menswear will be honoured as part of High Court protection

Tim Healy

Published 30/07/2015 | 17:23

Gift vouchers for Best Menswear will be honoured as part of High Court protection
Gift vouchers for Best Menswear will be honoured as part of High Court protection

GIFT vouchers for the troubled Best Menswear clothes shop chain will be honoured as part of its High Court protection period, a judge said.

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Ms Justice Caroline Costello, who confirmed Declan McDonald of PWC as examiner to the Best company, said the vouchers can be considered to be part of the pre-examinership liabilities.  

The court heard an independent expert considers the clothes chain can continue as a going concern under a survival plan which will involve the continued support of its main creditor AIB (owed €12.6m), as well as of key suppliers and the elimination of burdensome leases on certain stores.

Some of the 130 people employed in its 13 stores will have to lose their jobs but it is hoped it will be as few as possible, the court also heard.

Best was established in 1948 and  suffered over recent years due to the economic downturn.

The court also heard that it is insolvent to the tune of €6.2m but in a winding up situation would have debts of around €24m.

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