The Irish division of the betting company suffered losses of €5m in 2014, after a few years of steadily declining profits.
Today, an interim examiner has been appointed, and Ladbrokes has sought court protection to buy some time, in a last ditch effort to try and turn its ventures around.
As a result of this uncertainty, hundreds of jobs may be at stake.
Ladbrokes has confirmed that lay-offs are expected at all levels of its operation in the Republic of Ireland. 840 work for the company across 196 betting shops here.
Jim Mullen, chief executive, has stated that the Irish division was ‘unsustainable’ in its current shape.
a sustainable business were being held back by “real estate legacy issues”.
The examinership process that has begun today will guarantee business as usual for the time being, while a schedule is arranged with creditors over the next 100 days.