Linen Supply of Ireland Ltd, formerly known as CWS-boco Ireland, has confirmed that it has applied to the High Court to appoint an examiner to the company.
The company, which employs more than 550 people, provides textile rental and laundry cleaning services to companies in the hospitality, healthcare and food industries as well as supplying hygiene equipment and dust control mats.
A spokeswoman for the company said the hospitality and retail sectors had been badly hit by the current recession, leading to a substantial decline in demand for the company's textile services.
Turnover in the linen division is down 26% compared to the same time last year while overall it is estimated the company will lose up to €5m in the current year.
'The priority now for the company is to protect our business and to protect the jobs of as many employees as possible, said Tara Devitt, head of human resources at the company.
Meanwhile, Morris Builders Providers (Waterford) has said it is seeking to cut 17 jobs from the business. It employs 85 people.
