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9th October 2013
10:13am BST
The High Court has appointed an interim examiner to high street clothing chain Awear.
Mr Justice Peter Charleton said there were “strong reasons” as to why an examiner is needed before appointing insolvency practitioner Mr Ken Fennell to Latzur Ltd, trading as Awear.
A report by an independent accountants said that the popular retailer could survive if certain steps, including the reduction of rent, are taken.
Apparently rent at the Grafton Street store in Dublin accounted for almost 30 per cent of its revenue.
As well as high rent increased competition is also an issue for Awear, which has 30 stores across Ireland and Northern Ireland and employs over 350 people.
The matter has been adjourned to a later date this month according to the Irish Times.
An examiner was appointed to the retailer yesterday.
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