Sixty of the 267 employees of Chartbusters home entertainment stores are to lose their jobs as part of a survival scheme being put together for the company, the Commercial Court has been told.
Under the scheme, seven loss-making stores are to close this week while another ten stores are expected to close within a fortnight.
Last week Mr Justice Peter Kelly granted court protection to the group and appointed Neil Hughes examiner following reports it has a reasonable prospect of survival if certain conditions are met.
The court heard the remaining 20 stores have a chance of operating profitably should further investment be found and cost-cutting measures put in place.
Mr Justice Kelly said he would continue court protection to March 16th.
The application for examinership was opposed by two substantial creditors - Winchurch and Lombard Ireland who are owed around €1.8 million between them.
Chartbusters was incorporated in 1993 as a video rental business. It has told the court, as a result of competition and changes in technology generally, it later diversified into internet services and tanning booths.