Munster toy shops set to close with loss of 70 jobs

THE credit crunch has forced a family-run company founded almost a century ago to close four of Munster’s leading toy shops, with the loss up of up 70 jobs.

Monument House, based in Mallow, Co Cork, was placed into voluntary liquidation on Saturday, resulting in the closure of Murphy’s World of Wonder shops in Mallow, Midleton, Fermoy and Blackpool.

Up to 30 people employed as of Saturday have lost their jobs. But the company also employed a further 40 seasonal workers.

Managing director Gerald Murphy issued a statement last night confirming that the family and board of directors took the decision on Saturday.

He blamed the current economic conditions, the lack of access to credit from banks and suppliers, combined with the high costs of running a business.

“It’s just a pity there is nobody out there to help family business and small- to medium-sized business,” he said.

Monument Housefirst opened its doors in 1929 trading in grocery provisions but changed forms over the years.

It became a supermarket in the late 1960s and had a Toymaster section from 1987 to 1999.

The business became a full-time toy store, trading under the World of Wonder brand from 1999.

Monument House opened its first major toy store in Blackpool in 2001, and followed in subsequent years with stores in Fermoy and Midleton.

By 2007, the company employed 95 people.

“Over these years, the Murphy family ran their business supplying goods to the local community,” Mr Murphy’s statement said.

“Since 1929, customers could avail of credit on their shopping while they waited on the pay packet.

“It was helpful to many families. Monument House also provided employment to hundreds of local families over the 92 years in business.

“Today, having started business in 1929 by offering credit to its customers, it closes its doors due to the lack of credit available to the business.”

He said the Murphy family would like to thank their staff and customers for their support over the years.

“We would like to look at this decision not as a stop, but more as a pause to re-examine the options available to us,” Mr Murphy said.