Homebase Ireland has emerged from examinership, protecting almost 500 jobs across the country.
The DIY retailer has had its Scheme of Arrangement approved by its creditors and the High Court in Dublin.
Homebase closed two stores in Carlow and Castlebar, resulting in the loss of 50 jobs. But 13 stores have been put on a “more sustainable footing” and will continue to trade.
Homebase Ireland was placed into examinership in July after poor trading in the country. It had originally proposed closing three of its 15 Irish stores.
The retailer had suffered a 31% sales fall since 2009 and it had been unprofitable for each of the past five years “despite significant remedial action being taken by management”, Homebase said.
Homebase is not the only retailer to have faced challenging trading conditions in Ireland. In May rival retailer B&Q Ireland exited examinership after four months after its investment plan for the business was approved. A month later Monsoon Accessorize’s Irish business emerged from examinership.