The High Court has appointed provisional liquidators to companies operating the EuroGiant chain of discount retail stores following heavy financial losses over several years, leaving the firms unable to pay debts. <\/p>\n
There are 77 EuroGiant stores in the country, employing 644 people, and they are operated by EuroGeneral Retail Ltd and Bushgrove Ltd. <\/p>\n
On Wednesday, Judge Brian Cregan appointed Mark Degnan and Brendan O\u2019Reilly of Interpath (Ireland) Ltd as provisional liquidators to both companies, following a petition presented by Stephen Brady.<\/p>\n
In the petitions for both companies, it is stated that after several years of loss making, as of October of last year they had combined losses of some \u20ac6.5 million.<\/p>\n
The reasons for this included the onset of the pandemic in March 2020, when supply chains from Asia \u2212 from where around half of its goods were sourced \u2212 became difficult both logistically and from a cost perspective. For a substantial period of 2020, numerous factories in China closed or became unreliable in supplies.<\/p>\n
While EuroGiant shops were allowed to open during the Covid lockdowns, certain stores struggled significantly. From 2021 to 2023, shipping rates fluctuated and increased by enormous amounts from around $1,700 (\u20ac1,441) per container to $20,000, with shipping times increasing from four weeks to three months. <\/p>\n
Since 2021, the majority of goods have been bought from the UK, but Brexit added further costs, including extra duty of between 5 and 7 per cent.<\/p>\n
There was also a decrease in footfall in the towns and shopping centres where the stores operate, coupled with increased competition from outlets like Mr Price, Dealz and Homesavers. There was also an increase in consumers using online retailers like Amazon.<\/p>\n
There were also disputes with landlords regarding rent and rent reviews.<\/p>\n
Difficulties arose recently over accessing credit from UK suppliers and this resulted in a shortage of stock.<\/p>\n
In 2025, Charles O\u2019Loughlin, majority shareholder, personally advanced \u20ac2.5 million to the companies but by September 2025, the directors considered appointing an examiner. <\/p>\n
After looking at this further, it was decided that examinership was not a viable option and it was then decided to appoint liquidators. <\/p>\n
The case comes back before the court next month.<\/p>\n","protected":false},"excerpt":{"rendered":"The High Court has appointed provisional liquidators to companies operating the EuroGiant chain of discount retail stores following…\n","protected":false},"author":2,"featured_media":78404,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[51362,42,9820,43,40,38,41,39],"class_list":{"0":"post-280987","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-headlines","8":"tag-bryan-obrien","9":"tag-headlines","10":"tag-mam","11":"tag-news","12":"tag-top-news","13":"tag-top-stories","14":"tag-topnews","15":"tag-topstories"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/280987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=280987"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/280987\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/78404"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=280987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=280987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=280987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}