Management buyout of remaining Cost Plus Sofas assets

Cost Plus Sofas, which announced the closure of numerous stores in June, has reported a management buyout of its remaining stock and trade.

The move was orchestrated by five members of management and will save some 35 jobs. The company had said it was undertaking a complete restructuring of its business and would close "many" of its 20 stores in Ireland.

It has confirmed that some of its former management team, with unnamed investors, have secured the remaining assets from UK administrators Hacker Young.

They will operate four stores in Ballymun and the Long Mile Road in Dublin, Little Island, Cork, and in Portlaoise, and will maintain a central distribution facility.

A company statement said the remaining assets – primarily sofas, beds and “occasional tables” – will be sold “as soon as possible” through a new business trading as Colossal Clearance Centres.