atlantic Homecare in Newbridge which emloys 20 staff - ten full time and ten part time - was threatened with closure last week as part of a possible five store closure to cut operating costs.
The Newbridge store has been earmarked as one of more loss making stores in the group.
The 13-store chain has been losing money for the last five years due to the fall in consumer spending, and excessive rents and was last week placed under High Court protection from its creditors. Declan McDonald of PricewaterhouseCoopers was appointed interim examiner to the business. Thirty days of negotiations are due to get underway with the examiner and SIPTU in a bid to save as many shops as possible. The High Court heard that the business lost €11.2 million last year and €3.1 million up to the of April. According to an independent accountant’s report, only extensive restructuring can save Atlantic Homecare and turn it into a sustainable business.
The restructuring is likely to involve the closure of four other stores, at Liffey Valley in Dublin, Pouladuff in Cork, Childers Road in Limerick and Wellpark in Galway.
The closure of the five stores would result in the total loss of 38 full-time jobs and 76 part-time positions.