Mr Price has issued an update after Dublin born discount chain EuroGiant, which employs around 640 people across 77 stores, entered liquidation.
A Mr Price store(Image: Google Maps)
Mr Price has issued an update following news that Dublin-born discount retailer EuroGiant has entered the liquidation process.
The announcement puts around 640 jobs at risk at the chain, which operates 77 stores across Ireland.
EuroGiant first opened its doors on Moore Street in 1990 and, over nearly 40 years, expanded across Dublin and more than 20 other counties.
The companies behind the chain, EuroGeneral Limited and Bushgrove Limited, attributed the decision to “rising costs,” according to RTE.
Despite the liquidation process beginning, all stores will remain open and trading as usual while the review is carried out.
Mark Degnan and Brendan O’Reilly of Interpath have been appointed to oversee the liquidation.
EuroGiant founder Charlie O’Loughlin described the development as a “very hard day”. He said: “I founded this business over 30 years ago and I never imagined it would end like this.”
Discount store EuroGiant(Image: Artur Widak/NurPhoto via Getty Images)
A spokesperson for EuroGiant said: “Rent and day-to-day operating expenses, along with increased competition in the retail sector, mean the business is no longer viable in its current form.”
In response to the news, fellow discount retailer Mr Price expressed its sympathies and highlighted the challenges of running a retail business in Ireland.
Mr Price said: “We are genuinely sorry to see EuroGiant go into liquidation today. Building a 100% Irish retail business is brutally hard. Our thoughts are with all the team who built EuroGiant and their families.”
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