MUCH-LOVED Irish shoe retailer Carl Scarpa has gone into examinership, threatening 80 jobs.
The Carl Scarpa brand has been in existence since 1974 but, like many retailers, has been hit in recent years by high rents and the recession.
Judge Gerald Hogan yesterday appointed Tom Kavanagh of accounting firm Kavanagh Fennell as examiner to CS Calzature and Carl Scarpa (Grafton Street), the companies behind the label's 21 outlets in Ireland and UK.
However, he said he was satisfied that the company had a reasonable prospect of survival if changes are made.
The label also sells clothing alongside its key products, Italian-made boots and shoes for women.
Carl Scarpa joins several other big high-street retail names that have resorted to examinership of late, including Monsoon Accessorize and HMV.
Under the protection of examinership it hopes to arrange deals with its creditors, renegotiate rents, secure new investment and protect employment. The company's Finglas-based directors Keith and Stephen Moffitt want an injection of cash to allow them adopt a concession store model, where shoes would be sold in department stores rather than from standalone shops.
An independent accountants' report from Hughes Blake chartered accountants found that creditors would be "substantially better off" under the companies' restructuring plan.