Chartbusters survival scheme approved

A SCHEME aimed at ensuring the survival of 28 Chartbusters home entertainment stores employing 172 people has been approved at the Commercial Court.

The scheme provides for new investment and a wholly new management structure with group founder Richard Murphy exiting it by the end of this year.

While noting the scheme allows the group to “walk away” from pre-examinerhsip debts amounting to some €15 million in the event of a winding up, Mr Justice Peter Kelly said it at least meant creditors would get more than if the company was put into liquidation.