Provisional liquidation of Furniture Depot
ANOTHER Kilkenny business has been affected by the economic downturn as a provisional liquidator was appointed by the High Court in relation to Furniture Depot Kilkenny Ltd.
The retailer was formed in 2003 and has stores in Ormonde Retail Park, Kilkenny and also in Waterford; in Tullamore, Co Offaly; in Naas, Co Kildare; and in Carrickmines, Dublin.
As one contributor posted on the on-line chat room Boards.ie on Sunday evening: “I work (or worked) for Furniture Depot. I was working on Friday when men walked into the shop, shut the doors and changed the locks. The staff had no idea any of this was happening. We (were) all so shocked, upset and angry at the same time.”
The High Court heard last week that Furniture Depot has liabilities over assets of 2.2 million euro, which would amount to nearly 4 million euro if the company were to be winded down. The company suffered a loss of around 205,000 euro in 2008, but last year the losses escalated to over 1.8 million euro, the court heard.
David Van Dessel, of Kavanagh Fennell, was appointed as provisional liquidator, after the court heard that the company could continue to trade and ensure customers who had paid deposits on furniture could receive their orders if a provisional liquidator were brought in.
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Monday 21 May 2012
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