Fears for jobs in Limerick as liquidator appointed to discount retailer EuroGiant

THERE are fears for jobs in Limerick after the High Court placed discount retailer EuroGiant into liquidation.

The company has three stores in Limerick - two in the city centre at William Street and Arthur's Quay Shopping Centre, and one at the Parkway Shopping Centre.

They continued to trade as normal this Thursday, while an assessment of the firm was carried out.

In total there are 77 stores across Ireland, employing around 640 workers.

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"Rising costs" have been blamed for the liquidation, according to a statement from EuroGeneral and Bushgrove Limited, which trade as EuroGiant.

The liquidator's appointment comes after almost 40 years of trading, with the store's first outlet opening in Dublin's Moore Street in 1990.

"Rent and day-to-day operating expenses, along with increased competition in the retail sector, mean the business is no longer viable in its current form," a spokesperson for the firm added.

EuroGiant stores will "remain open and continue trading as normal" while a full review of the store network is carried out.

Mark Degnan and Brendan O'Reilly of Interpath have been appointed by the court to manage the liquidation process.

The spokesperson for the Irish retailer said the company’s thoughts are with the staff affected, and "we want to sincerely thank them for their hard work and commitment over many years".

EuroGiant founder Charlie O'Loughlin said it was "a very hard day" for him personally.

"I founded this business over 30 years ago and I never imagined it would end like this," he said in a statement.

Mr O’Loughlin has apologised to the workforce following the appointment of the liquidators.

"What matters most to me now is our staff. Many people have given a huge part of their working lives to the company, and I know how worrying and unsettling this will be for them and their families. I am deeply sorry that this is where things have gotten to.

"We did everything we realistically could to keep the business going, but the pressures it faced over time meant that was no longer possible. My focus now is on supporting an orderly wind-down of the business and working with the liquidator to achieve the best possible outcome for employees."

Eurogiant has a presence in over 20 counties.

As well as Limerick, it has outlets in Clare, Cork, Galway, Kerry among other counties.