10/07/2009
O'Brien's Failing To Bring In The Bread
The ubiquitous sandwich chain O'Brien's is now preparing a rescue plan to 'save its bacon', after going into a process of examinership yesterday.
O'Brien's has debts exceeding €4 million, including a debt of €3.4 million owed to Bank of Ireland.
The High Court is to place the Irish company into examinership, a process that temporarily protects the business from creditors while it works on a rescue plan.
The court heard the chain would close an unspecified amount of its 85 stores in Ireland to ease its debt.
In June 2009, the company announced that its UK arm of the business went into administration.
The sandwich firm said that most of its stores would remain open if reduced rental terms could be agreed with landlords.
The company chairman and founder Brody Sweeney, who established the company in 1988, blamed the financial troubles on the collapse of the property market, claiming stores were struggling to pay their rents as footfalls in shopping centres and high streets dropped.
The firm has 109 franchises in the UK, 85 in Ireland and runs a total of 220 outlets in 13 countries worldwide.
(DW/BMcC)
O'Brien's has debts exceeding €4 million, including a debt of €3.4 million owed to Bank of Ireland.
The High Court is to place the Irish company into examinership, a process that temporarily protects the business from creditors while it works on a rescue plan.
The court heard the chain would close an unspecified amount of its 85 stores in Ireland to ease its debt.
In June 2009, the company announced that its UK arm of the business went into administration.
The sandwich firm said that most of its stores would remain open if reduced rental terms could be agreed with landlords.
The company chairman and founder Brody Sweeney, who established the company in 1988, blamed the financial troubles on the collapse of the property market, claiming stores were struggling to pay their rents as footfalls in shopping centres and high streets dropped.
The firm has 109 franchises in the UK, 85 in Ireland and runs a total of 220 outlets in 13 countries worldwide.
(DW/BMcC)
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.