Court-approved survival scheme to save 130 fashion retail jobs

A survival scheme preserving 130 of 200 jobs has been approved by the High Court for the company operating Best Menswear stores, along with other fashion stores nationwide.

Best’s largest creditor, AIB, has agreed to write down more than €9m of its €13.5m debt and will continue funding the company after it exits examinership tomorrow.

Preferential and unsecured creditors will respectively get 10% and 5% of what they are owed while the remaining debt will be extinguished.