Thursday 22 March 2018

Liquidator moves in at McElhinney's

Ailish O'Hora

AN accountancy firm has been appointed to manage the wind-down of one of the country's best known department stores.

McElhinney's of Athboy, Co Meath, was opened 73 years ago and ran into trading difficulties in the past 18 months.

It blamed lack of funding from the banks for its inability to see out the recession.

McElhinney's closed its doors earlier this month after a winding-up application from one of its creditors.

As liquidator of the company, David Van Dessel of Kavanagh Fennell will attempt to sell off the firm's assets.

It is not known how much money was paid to the creditor, the German shoe-supplier Peter Kaiser Schuhfabrik.

At the time of the closure owner Neal Sweeney said the family was "devastated" by the closure. The company made a loss of €433,303 in 2007, according to the latest available accounts for the firm.

Irish Independent

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