UP TO 640 jobs at EuroGiant are under thread as the discount retailer enters liquidation.

It came after the High Court appointed liquidators to the companies that operate the chain today.

Liquidation firm Interpath has been appointed by the court to oversee the liquidation process with EuroGeneral Limited and Bushgrove Limited, which trade as EuroGiant.

Founded in 1990 in Dublin, EuroGiant currently has a total of 77 stores across the country.

A spokesperson for the company said “rising costs” and “increased competition” in the retail sector were to blame for the change in the company’s fortunes.

“After more than 30 years of trading, the company has today entered court-appointed liquidation,” a statement from EuroGiant read.

Rising costs, including rent and day-to-day operating expenses, along with increased competition in the retail sector, mean the business is no longer viable in its current form.

All stores will remain open as normal while a full review of the store network is carried out, the spokesperson added.

EuroGiant founder Charlie O’Loughlin said management had “did everything we realistically could to keep the business going, but the pressures it faced over time meant that was no longer possible”.

O’Loughlin added:

This is a very hard day for me personally. I founded this business over 30 years ago and I never imagined it would end like this.

O’Loughlin paid tribute to staff, who he said have “given a huge part of their working lives” to the company.

“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,” the founder continued.

“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,” O’Loughlin said.