RESCUE PLAN APPROVED FOR CITY DIY CHAIN

Date Published: 17-Sep-2012

A rescue plan for DIY chain Atlantic Homecare, which has an outlet in the city, has been approved by the High Court.

It's Galway operation is based in Wellpark Retail Park on the Dublin Road where up to 30 staff are employed.

The rescue plan for all Irish outlets will see a 5.7 million euro investment into the chain by Woodies D-I-Y, which is also owned by the Grafton Group.

Under the scheme, there'll be 70 fewer redundancies nationally than initially thought, with only two stores closing.

The plan was approved by all creditors, with no opposition to it.

The company was placed in examinership back in June, with losses of more than 21 million euro.