Video chain jobs to be saved

MORE jobs at Chartbusters home entertainment stores will be saved than was originally anticipated, even with the closure this week of seven more stores in the group involving 33 job losses, the Commercial Court was told yesterday.

Mr Justice Peter Kelly heard the court-appointed examiner to the group now believes that 23 rather than 20 stores of the 36 stores in the group may be saved. Five stores have been closed to date and a further seven are to close this week.

150 people are to remain in jobs within the group while a further 20 jobs are dependent on the group’s survival, the court was told.

The examiner, Neil Hughes, had also negotiated rent reductions worth some €200,000 and hopes the group could make a profit of about €1 million this year, it was stated.

On the basis of the examiner’s report, the judge agreed to continue court protection for the group to April 16 next.

He also granted applications by the examiner to end court protection for two linked companies in the group — Marydene Properties Ltd, a property holding company, with liabilities of €500,000 over assets, and Suntrap Tanning Ltd, which has a leasehold property at Talbot Street in Dublin and is said to be insolvent.

The judge said the likely result of the examination appeared more optimistic than was originally thought and it appeared some 23 stores may be saved.