Uncertainty for local EuroGiant staff

Discount retailer operates stores in both Cavan and Monaghan as part of a nationwide network.

Jobs are at risk across Cavan and Monaghan following the appointment of liquidators to the companies operating the EuroGiant retail chain, prompting widespread concern among local staff.

Around 640 jobs nationwide are now under threat after the High Court appointed liquidators to EuroGeneral Limited and Bushgrove Limited, which trade as EuroGiant.

The discount retailer operates stores in both Cavan and Monaghan as part of a nationwide network.

EuroGiant, which was founded in Dublin in 1990, issued a statement, saying that after more than 30 years of trading, the company has entered court-appointed liquidation. The decision was blamed on “rising costs”, including rent and day-to-day operating expenses, as well as increased competition within the retail sector.

“Rent and operating costs, combined with increased competition, mean the business is no longer viable in its current form,” the spokesperson said.

Despite the liquidation, EuroGiant stores will remain open and continue trading as normal while a full review of the store network is carried out.

Mark Degnan and Brendan O’Reilly of Interpath have been appointed by the High Court to oversee the liquidation process.

The company said its thoughts are with staff affected by the announcement and thanked employees for their “hard work and commitment over many years”.

EuroGiant founder Charlie O’Loughlin described the development as “a very hard day” for him personally.

“I founded this business over 30 years ago and I never imagined it would end like this,” he told RTÉ News, apologising to staff following the appointment of liquidators.

“What matters most to me now is our staff. Many people have given a huge part of their working lives to the company, and I know how worrying and unsettling this will be for them and their families. I am deeply sorry that this is where things have gotten to.

“We did everything we realistically could to keep the business going, but the pressures it faced over time meant that was no longer possible. My focus now is on supporting an orderly wind-down of the business and working with the liquidator to achieve the best possible outcome for employees.”