Arramount Furniture, which operates a store in Mullingar, has confirmed it has appointed an interim examiner in an attempt to secure the future of the company.
Kieran Wallace of KPMG has been appointed to allow the company time to negotiate with potential investors and to complete arrangments with creditors, a statement released by the company on Tuesday.
The statement said the current difficulties “stem from the current economic downturn and reduced consumer demand”. However, there are reports that a potential investor has already been identified for the company.
The local Arramount Furniture store at Lynn Industrial Estate, Mullingar is continuing to trade as normal during this period. The company also has outlets at Dublin Road, Athlone and Portarlington Road, Tullamore, and four other stores in Dublin, Limerick, Cork and Newbridge.
“The company is confident that the process of examinership will enable a solution to be found that will ensure it is set up to continue trading successfully and profitably in the future,” according to the company.
Management confirmed that all orders where deposits have been taken will be delivered, and customers who place deposits during examinership will receive their ordered furniture.
Arramount Furniture was established in 1995 and is one of Ireland’s leading furniture stores.
Examinership provides a standstill period in which those owed money cannot pursue claims against the company.