Best Menswear gift vouchers will be honoured, court rules

Gift vouchers for the Best Menswear clothes shop chain will be honoured during its High Court protection period, a judge has said.

Ms Justice Caroline Costello confirmed Declan McDonald of PricewaterhouseCoopers (PwC) as examiner to the Best company and said the vouchers can be considered to be part of the pre-examinership liabilities.

The court heard that an independent expert considers that the clothes chain can continue as a going concern under a survival plan that will involve continued support of its main creditor AIB (owed €12.6 million) as well as of key suppliers, plus the elimination of leases on certain stores.

Job losses

Some of the 130 people employed in its 13 stores will have to lose their jobs, but it is hoped the job losses will be as few as possible, the court was told.

Best was established in 1948. It has suffered in recent years due to the economic downturn.

The court also heard that the company is insolvent to the tune of €6.2 million, but in a winding up situation it would have debts of about €24 million.