Provisional liquidator appointed to fashion chain Coast

Ann O'Loughlin

A provisional liquidator has been appointed by the High Court to the woman's fashion and accessories chain Coast in Ireland. The company employs 99 full and part-time staff here.

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.

The Coast store on Cork's Patrick's Street. Photo: Google Maps

It cited difficulties experienced by its parent, including the collapse of the department store group the House of Fraser where it had many concession stands and difficult market conditions, as the reasons for seeking the liquidator's appointment.

The UK parent, the court heard had been engaged in a sales process, which had been accelerated in recent months,

The court heard that it is hoped that the liquidator's appointment will see parts of the Irish business sold off to a new parent and that many of the jobs will be saved.

In the UK the London based Karen Millen fashion house is purchasing Coast in the UK, and is also interested in acquiring Coast Store's Ireland's concession stands.

Today, Ms Justice Caroline Costello said she was satisfied to appointed insolvency practitioner Mr Declan McDonald of PWC as provisional liquidator to the Coast Stores Ireland Ltd.

Seeking the appointment Kelley Smith Bl for the company said 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.


Related Articles

Bus driver goes on trial charged with dangerous driving causing death of cyclist

Man engaged in 'catfishing' to lure teenage boys into sharing explicit images online

'Sick predator' taxi driver jailed for sexual abuse of teen girl over 20 years ago

Cork man charged with possession of child pornography

More in this Section

Air France expands Cork to Paris service

Harry Potter publisher Bloomsbury reports revenues rise

Lonely Planet name Tayto Park and Dublin distillery among world's best experiences

Sir Richard Branson steps down as chairman of Virgin Hyperloop One


Breaking Stories

Physiotherapy hope for cancer patients thanks to Jane Tomlinson’s legacy

Review: Wexford Festival Opera

How to ace being the new girl at work

Tried and tested: Polar’s new Vantage M running watch

More From The Irish Examiner