Reports are circulating this morning that one of the Country’s leading Menswear stores Best has entered into receivership. The company which currently operates 13 stores nationwide and employs around 135 people has however said it will remain open as an interim examiner will asses its current finances.
It is understood that an interim examiner has been appointed by a judge to the company in order to monitor its current financial situation. The appointment comes after a court has heard that the sudden closure of Clerys department store in Dublin last month had caused a “catastrophic” cash-flow problem for the men’s department store.
The company had lost some €270,000 in funding which was held in a trust by Clerys, they also saw significant drop in trading revenues since the country’s biggest department stor decided to close its doors last month.