Liquidator appointed to Coast chain of ladies fashion stores
A provisional liquidator has been appointed to the chain of woman's fashion and accessories stores Coast.
The High Court appointed the liquidator to the popular chain, which employs 99 full-time and part-time staff.
Coast Stores Ireland Ltd, which is part of the UK-based Coast group of fashion outlets, operates five stand-alone stores and a further 10 concession stands in Ireland.
It cited difficulties experienced by its parent, including the collapse of the department store group House of Fraser, where it had many concession stands, and difficult market conditions, as the reasons for seeking the liquidator's appointment.
The court heard the UK parent had been engaged in a sales process, which had been accelerated in recent months.
The court heard that it was hoped the liquidator's appointment would result in parts of the Irish business being sold off to a new parent and that many of the jobs would be saved.
The court heard that following the sales process in the UK, the London-based Karen Millen fashion house was buying Coast in the UK, and was also interested in acquiring Coast Store's Ireland's concession stands.
Yesterday afternoon, Ms Justice Caroline Costello said she was satisfied to appoint insolvency practitioner Declan McDonald of PWC as provisional liquidator to the Coast Stores Ireland Ltd.
Seeking the appointment, Kelley Smith BL, for the company, said that the decision to have the company wound up was taken by the company's board in recent days.
Counsel said that in light of the sales process in the UK and given the interest in the Irish business, it was believed that the appointment of a provisional liquidator was in the best interests of parties including the company's employees, creditors and suppliers.
Mr McDonald could deal with any sale of the company's assets, including the company's stock, and ensure that there was an orderly winding-up of the firm, counsel said.
After confirming Mr McDonald's appointment, the judge adjourned the matter to a date in November.