Rocca Tiles and its sister company Tilebusters have closed their nine stores, leaving the future of the group's 50 staff unsure.
The shops were closed yesterday and the group may be put into liquidation, according to a spokesman for the Rocca family which holds a 20% stake in the group.
In 2000 the Rocca family sold Rocca Tiles and Tilebusters, but it took a 20% stake in the new owners, Linfen Ltd. The sale was for just under €5m, but the family then reinvested €761,000 to take a 20% stake in Linfen.
Patrick Rocca expressed concern at how such a well established business could end up closing after just 21 months under new management.
The group has seven stores in Dublin, one in Newbridge and one in Mullingar.
The Rocca family has initiated legal proceedings against directors of Linfen, including John Parnell, Martin Simmons, Vincent Alonzo Vicedo, and Charles Sherling.
In the statement the Roccas say their nominee to the board, Martin Ferris of Ferris and Associates, resigned in May 2001 when the other directors were unable to furnish him with adequate financial information on the company's performance.
