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Updated at 11pm
CLOTHING STORE BEST Menswear has gone into examinership.
The retailer has faced financial difficulty since the closure of Clerys department store last month, where it had been a concession holder.
Earlier this month it opened a pop-up store on Parnell Street in Dublin as a means of clearing its remaining stock.
Declan McDonald of Price Waterhouse Coopers has been appointed to the act as interim examiner to the business. He’ll be assisting with the restructuring of the company to ensure its financial viability into the future.
In a statement this evening, managing director of Best Menswear, David Jones, said:
While trading is slowly improving, the biggest challenge remains unsustainably high rents and upward only rent reviews, which are a significant burden on our business.
“These are a legacy of Celtic Tiger Ireland and do not reflect the economic reality we are all operating in today.
“A key part of the success of this process will be our ability to renegotiate rents and lease terms with our landlords.”
Best Menswear has 13 branches around the country.
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To be fair, Enterprise Ireland also deserve a lot of credit helping Irish companies grow internationally
Credit where credit is due
CREDIT. Credit got us into this shit!
We have a corporate tax rate lass than half the European average, surely it can’t be so hard to attract foreign direct investment.
Large commercial decisions are not made on only one criterion. We have a supportive open economy, relatively we are low on corruption and bribery, we speak English, are well-educated, and have yankee sympathies.
That also helps…
Another example of an overly simplistic view of our Corporation tax System. Have a look ..,. http://www.ronanlyons.com/2011/05/17/just-say-non-the-facts-on-corporate-tax-rates-in-europe/
to be reaaly fair, the taxpayer who funds both of them deserves a lot of credit also, most of whom derive little benefit
Eh, jobs?
jobs for a small number of citizens at a big cost to other taxpayers but the real scandal is the tax that the companies dont pay, its a neat trick but ask the people who have been dumped when the taxpayer funded Grants run out
Gerry. You are a cretin. For every job the State saves on Social Welfare and earns income taxes etc. That doesn’t even include the plethora of indigenous companies that feed off IDA companies. The positive ratio of investment to return with the IDA has been definitively proven. Would you ever educate yourself about the subject you’re pontificating about before commenting. My eyes are sore after reading your rubbish.
Fair play and well done IDA for a job well done. Keep up the good work!
I’m happy the Guardian mentioned the terrific work of the IDA – which is good PR for Ireland. But as for Jedward (2 grown up men acting like 11-year-old girls) – not so good.
Ah here now, 11 year old girls aren’t as bad as those clown to be fair.
As Roy would say, its like praising the postman for delivering letters.!
Roy who?
The Grauniad rails against tax dodging corpos, yet its editorial praises same to the hilt.
Hypocrites.
The Grauniad? Is that a character from lord of the rings?
It’s a reference to how the newspaper used to be full of typos.
Tried to get a job with the IDA years ago. Having no connections at all made that impossible in the Ireland of the 80′S. I wonder have things changed. Doubt it.
Maybe you didn’t have the necessary skills or experience????
Job advertised was for Assistant Executive, Trainee, a third level qualification (non specified) required. Quite general. Always wondered what the background of the people who landed those very coveted jobs back in the recession hit 80′s was.
Ha I’m sure plenty of people didn’t get the job. That’s what happens when more than one person applies for a job. No need to play the victim
When i went to school it was the industrial development authority. Why the name change?
Things change Joe….
I feel your pain Joe, its just not fair….
Thanks IDA for not providing one job or offering one penny of investment in Cavan in 40 years.
Can’t blame the IDA that multi-nationals don’t want to go to Cavan. Is there anything that Cavan is better for than any other county?
But you had the financial wizzardry of Sean Quinn……just been watching Harry Potter!
This article is highly complimentary to the IDA. The Guardian, being a left-wing newspaper, likes the opportunity to praise the work of a successful government agency like the IDA. The IDA competes successfully against similar British agencies who are trying to attract exactly the same sort of jobs from many of the same investors. Ireland’s low corporation tax system and more effective educational system gives the IDA an edge over the British agencies. The IDA has done a good job over the years but faces stiff competition from many other countries, particularly countries outside the EU where wages, energy costs and income tax and social security contributions are lower. But Ireland has the advantage of being an English speaking country within the EU, the world’s most important single Market. Much has been achieved but much more remains to be done.
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