The move was confirmed to the Irish Examiner by a spokesman for Grant Thornton yesterday, which acts as auditor to the group.
The company was not available for comment last night.
It is understood that up to 22 of the estimated 30 plus retail outlets that dealt in men’s and women’s’ jeans and footwear have been rebranded as Joseph’s Stores. The group’s registered office is in the Little Island business park and the business has five outlets in the greater Cork area.
It is unclear how many jobs are under threat. Rental costs have been a problem in the retail sector, and Grant Thornton said they were a factor in this case.
Attempts to contact one of the directors of the group by phone and text were unsuccessful.
It is not known whether the 22 stores understood to have been rebranded will escape the liquidation process.
Results posted to the Companies Registration Office for last year show a dramatic shift in its trading position. Profits of over €1m in 2008 turned into losses of almost €500,000 in the year to end January 2009. Over that 12-month period, the accounts show a very sharp rise in the amount due to creditors when increased from €3.3m to €5.8m year on year.
It is understood that trading in the past 12 months has proved equally difficult for the group.