This article is from page 25 of the 2009-06-30 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 25 JPG
A FRESH jobs blow was dealt to the mid-west region last week with the news that Arramount furniture has sought the appointment of an interim examiner.
In a statement the company said that it would continue to trade as normal.
The company said that the proc- ess of examinership will allow it to continue trading successfully and profitably in the future.
Arramount furniture employs 34 people at its stores nationwide in- cluding one at the Dock Road, Lim- 0a.e
Arramount Furniture was estab- lished in 1995 and operates seven Stores in Dublin, Limerick, Cork, Newbridge, Tullamore, Athlone and Mullingar. Arramount furniture is a subsidiary of Arramount Holdings Limited.
The company said its current dif- ficulties stem from the current eco- nomic downturn and reduced sum- mer demand.
Lane Bros Ltd, trading as Ar- ramount Furniture Tralee, which 1s a franchisee of Arramount Wood- craft (Holdings) Ltd, will not be af- fected by the examinership.
The company said it will negot- ate with potential investors and complete appropriate arrangements with creditors with the objective of putting in place long-term arrange- ments to secure its future.
The company explained that it had sought the protection of an interim examiner to allow it to put in place new re-financing arrangements with creditors and bankers.
“The company is confident that the process of examinership will enable a solution to be found that will ensures it is set up to continue trading successfully and profitably in the future. The process of exmin- ership in Ireland provides a stand- still period of time whereby credi- tors cannot pursue claims against the company,” a statement from the company said.
It continued, “The company has sought this protection to allow it to put in place re-financing arrange- ments for creditors and bankers.”
Kieran Wallace of KPMG has been appointed as interim examiner. The home furnishings market has been badly hit by the contraction in con- sumer spending.
According to the Central Statistics Office, the volume of sales of furni- ture and lighting products slumped by 38 per cent in one year.
Reports state that a potential in- vestor has already been identified and that the company has the sup- port of its principal backers in re- spect of the interim examinership.
News of Arramount’s difficulties came in the same weeks that Toy- ota Ireland confirmed that the Tom Hogan car dealership is to close with the loss of 190 jobs.
Tom Hogan Motors was one of the biggest Toyota dealerships in the country. It opened in Ennis over 30 years ago.