Kingfisher subsidiary B&Q Ireland has exited examinership after four months as its investment plan for the business was approved today.
Kingfisher received approval for a €2.4m investment plan from the High Court today saving 600 jobs in the country.
The DIY retailer sought to appoint an examiner in January after revealing the Irish stores were significantly loss-making.
B&Q Ireland closed it Waterford store in May making 47 employees redundant, The Irish Times reported. However, four stores earmarked for closure will now continue to trade as part of the eight store chain.
B&Q Ireland chairman Brian Mooney said: “B&Q Ireland employees have had a challenging three months and so today’s encouraging plan is a great relief. There is huge regret that the Waterford store was not viable, but, for the rest of the business, we look confidently forward to a sustainable future. We are more committed than ever to our operations in Ireland, and our loyal customers and employees.”
B&Q entered the country in 2002 but trading suffered in recent years as the economy has continued to struggle.