Ireland’s leading sports store Elverys has been put into examinership by Nama this morning.
Elverys who have been an Irish brand since 1847 were taken over by Staunton Sports in 1998, had been put into interim examinership two weeks ago with a debt of over €23m to Nama.
Mr Justice Brian McGovern confirmed Simon Coyle of Mazars as examiner.
Rossa Fanning had said Nama had known of threats from suppliers to withdraw supplies and that it needed to be put into examinership.
The 654 staff will be very worried as details of the examinership comes to light. Being the official retail partner of the IRFU and the GAA it has had plenty of interested parties with the Mike Ashley owned Sports Direct & Lifestyle Sports leading the way to take over operations
“We believe we can offer the best solution for the future ownership of Elverys, which would be in the interests of all the stakeholders including the Irish taxpayer, creditors, consumers and employees,” Mr Forsey of Sports Direct said two weeks ago.
The worrying point for staff would be that when Sports Direct bought its UK rival JJB in 2012, it kept the best stores and closed more than 100 and Lifestyle sports would have a lot of shops in close vicinity to Elvery shops which could lead to closures.
Hopefully a solution is found that all shops stay open and the staff keep their jobs.