A liquidator is to be appointed to Blacktie Formalwear, it was announced today.
In a statement, company owner Niall O'Farrell told staff that the company, which has 11 stores across the country, is to go into liquidation by Friday, February 1.
Mr O'Farrell confirmed that the company is to trade as normal and will honour all commitments to staff and customers, as efforts are made to secure a buyer.
The decision was taken to appoint a liquidator as the company suffered due to a number of factors, including a decline in the formalwear rental market and increased lower-cost retailers on the High Street.
Mr O'Farrell, who has appeared on the 'Dragon's Den' TV show, said it was with deep regret he took the decision, as he has spent most of his career establishing and developing Blacktie.