Interim examiner for Benetton stores

An interim examiner has been appointed to the company which operates six United Colors of Benetton stores in the Republic.

The High Court was told T&P Kavanagh Enterprises, Thurles, Co Tipperary, has debts of €1.4m, with United Colors of Benetton being the main creditor.

Counsel Jonathan Fitzgerald said T&P Kavanagh Enterprises runs six stores nationwide employing 26 staff. He said the company had built up a significant trade debt with Benetton, Italy, between 2007 and 2010 when it and the Italian clothing giant could not agree on a stock purchase agreement.

Management at the firm&, Mr Fitzgerald said, had worked very hard since 2011 and three shops in Thurles, Kilkenny, and Dungarvan, had been turned around and were showing a profit. Three other stores in Carlow, Tullamore and Athlone, he said, are in areas of increased competition and a question mark lies over their viability.

&The company also owes €86,000 to the Revenue Commissioners.

Mr Justice Brian McGovern, who appointed Jason Sheehy of P&A Partners as interim examiner, noted from documents before the court that the directors Therese and Paul Kavanagh feel the company has a reasonable prospect of success.

The case will come before the court again on Nov 14.