The High Court has heard that the Chartbusters home entertainment group is to close 17 stores in the coming weeks with the loss of 60 jobs. It has 37 stores overall throughout the country.
Seven stores will close in the next week with a further ten closures in the following weeks. An examiner was appointed by the High Court last week after the court heard that the company had a reasonable prospect of survival if certain conditions, including the closure of stores, are met.
Today, lawyers for the examiner confirmed that the stores would close in the coming weeks. The court heard today that 20 expressions of interest had been made by potential investors.
The company has debts of €20m, including €12m owed to three banks - ACCBank, Bank of Scotland Ireland and KBC.
The company is owned by Xtra-Vision founder Richard Murphy, property developer John Walsh and builder John McCabe.
