Creditor meeting called for Instore chain firms
CREDITORS' meetings have been called for the companies behind the Instore chain of high end furniture shops.
A liquidator is expected to be appointed at the meetings, which will be held at the Castle Oaks House Hotel in Limerick on February 20.
At its peak the Limerick-based chain employed more than 100 staff at seven outlets -- including branches in Limerick, Dublin, Waterford, Galway, and Middleton in Cork.
The company is owned and operated by Limerick businessman Oliver Moloney, who set up the business in 1988.
It specialised in high end furniture, lighting and bedding, and branched out to include in-store coffee shops.
Its branch in Stillorgan in Dublin won the National Retail Store of the Year award in 2009.
Last year saw a number of branch closures however, including the boarding-up of the original city centre branch in Limerick.
Hopes of shifting to an online model appear to have been dashed, with a telephone message for prospective customers stating that the business has ceased trading yesterday.
Now creditors' meetings have been called for a number of the remaining companies in the group, including Instore Galway, Instore Limerick and Instore Distribution.
Instore Distribution is the parent company of Instore Limerick and Instore online. It suffered losses of €1.76m in the year to the end of February 2009, according to the most recent accounts filed with the Companies Office.
In a note to the accounts, the directors said a return to positive cash flow would depend on an upturn in the wider economy.
Ulster Bank is among the company's main creditors, and its loans are secured by a charge over a leasehold interest in premises at Annacotty Business Park, in Co Limerick.