B&Q to save store threatened with closure

B&Q said yesterday it is hopeful it can save the Athlone branch, which was earmarked for closure when the company was placed under High Court protection from its creditors.

The group originally said it would close its Athlone and Waterford branches, with the loss of 92 jobs, in an effort to save the overall chain.

However, yesterday B&Q said that its landlord in Athlone has agreed to cut the shop’s rent, meaning it will return to normal trading and remain open in the long term should the examinership come up with a rescue plan.

The Waterford store is still scheduled to close on May 4th, the company added in its statement.

The High Court placed the Kingfisher plc-owned B&Q in examinership in January, giving it protection from its creditors and a 100-day breathing space to come up with a rescue plan.

“Negotiations on the leases for the remaining seven B&Q stores in the Republic are ongoing,” the company said. It warned that the company’s ability to remain in business and continue trading at any of its stores depends on the outcome of the examinership.

The court appointed Declan McDonald of PricewaterhouseCoopers as interim examiner at the end of January and confirmed his appointment the following month.

The company has no bank debt but was paying rents on a number of its stores at about twice the market rate.