THE OWNER OF Blacktie, Niall O’Farrell, has informed staff at its 11 premises that a liquidator will be appointed to the company on Friday 1 February.
The shops are set to continue trading as normal until then, with the company hopeful that a buyer for the group will be secured once a liquidator is in place.
The statement from the company said:
The decision was taken in consultation with the company’s bankers due to a combination of market and economic factors including a decline in the formal wear rental market, increased lower cost retailers from the high street, higher utility and branch operating costs and unaffordable high levels of rates.
The business will continue to trade as usual, working to honour its commitments to customers and employees, with a view to securing a buyer for the business.
Niall O’Farrell added: “I deeply regret having to make this decision,” adding that he had spent the majority of his career “establishing and developing Blacktie, and have done all I could to bolster its prospects.”
He went on to say:
I have not drawn a salary from the business for the past four years, and even invested substantial personal resources. I would like to pay tribute to Blacktie’s employees for their hard work, dedication and loyalty, and will ensure I am available to each and every one of them to answer personally any queries that they may have.