30/11/2006

Budget DIY closes NI stores

All of the Budget DIY stores have closed their doors today for the final time as a result of the store going into administration.

Approximately 200 members of staff will be made redundant due to the closures, however administrators Pricewaterhouse Coopers have said that all staff will be paid in full.

The company went in to administration on Friday afternoon, despite owners trying to find a buyer.

It is understood that representatives from Pricewaterhouse Cooper have approached a number of employers, including call centres and retailers in an attempt to find jobs for the staff, however it is not yet known if this has been successful.

Administrators have also said that they plan to have a team of advisers at each store to help with redundancy claims and will also work closely with the Department of Economic Development to help ensure that these payments are made.

Budget DIY was founded in 1983 and has six stores across Northern Ireland including Bangor, east and west Belfast, Newtownabbey and Londonderry.

In recent years the company suffered significant losses in revenue as a result of growing competition in the market.

(EF)

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