Top stories in the papers this week 15 – 22 July 2011
Superquinn deal under threat as examinership is sought; Superquinn suppliers victims of 'sharp practice'; Tesco objection to Penneys' plan
Print22 July 2011
1. Superquinn deal under threat as examinership is sought
Musgrave’s bid to acquire Superquinn is under threat after the company and its directors last night asked the High Court to appoint an examiner to the troubled retail chain. The Irish Times reports they claimed the receivership and proposed sale to Musgrave would likely lead to substantial involuntary redundancies and trade creditors – owed about €55 million – being “burned” while the liabilities of the bank are met.
Ms Justice Mary Finlay Geoghegan has directed a preliminary hearing next Tuesday on whether the company is entitled to present the petition and if the court is entitled to hear it. This will decide whether the company and directors can proceed next Thursday with their application for the appointment of an examiner, which would grant court protection from creditors while Superquinn puts a survival plan in place.
Superquinn takeover turns sour
The Irish Times has also printed an “edited version” of an e-mail sent by former Superquinn chief executive Andrew Street explaining to colleagues that he resigned because he was unhappy with how the receivers were treating Superquinn’s suppliers. In the email he stated: “In addition to this, I am no longer able to work with one of the appointed joint receivers, Kieran Wallace of KPMG.”
2. Superquinn suppliers victims of ‘sharp practice’
Speaking within the Seanad, Labour’s John Whelan claimed many producers around the country had been left severely out of pocket due to events at Superquinn this week. “This was a planned close-down . . . 90 days’ credit was squeezed out of these small producers. I understand from talking to them directly that some of them are owed anything from €35,000 up to amounts ranging into the millions,” he was quoted as saying in The Irish Times.
3. Tesco objection to Penneys’ plan
Retailers Tesco and Penneys are embroiled in a planning battle over the latter’s proposals to build a new store in Sligo. The Sligo Champion reports Tesco and Penneys are both located at the town centre’s Wine Street Car Park but the former is unhappy with the Borough Council’s decision to grant Penneys planning permission to build a new store. Tesco has lodged an appeal based on 11 grounds of opposition.
4. Potentially fatal bacteria in 98% of poultry
A potentially fatal bacteria that mostly affects toddlers is present in 98% of slaughtered Irish poultry — the highest in Europe, according to the Food Safety Authority of Ireland (FSAI). The Irish Examiner reports that the bacteria Campylobacter, is four times as potent as salmonella and according to a FSAI report, is the number-one bacterial cause of foodborne illness in Ireland.
5. Ulster Bank backs Tipperary cheese firm
Tipperary cheese-maker J&L Grubb has opened a €500,000 production facility at its Fethard headquarters, which will enable the firm to double its output. The Sunday Business Post reports funding for the 25,000 sq ft factory was provided by Ulster Bank. The family-owned firm which produces Cashel Blue Cheese and employs 30 people, now plans to launch new hard cheese, blue cheese spread and whey products.
Also:
The heavy hand of Brussels (Irish Examiner)
Euro at two-week high against dollar (Irish Times)
IFA calls for code of practice in retail sector (Irish Examiner)
Below cost selling of alcohol ‘should be banned’ (Irish Examiner)
Keeping your food as good as the music (Irish Times)
McCauley Chemists commits €1.25m to chain of stores (Sunday Business Post)
Brand campaigns on Facebook increased 1900% in a year – report (Business and Leadership)
Consumers spend more — but still keep tight hold on cash (Irish Examiner)
Listowel shopkeepers furious as trade is lost to roadworks (Kerry Man)
Editor’s Viewpoint: Plastic bag tax a welcome proposal (Belfast Telegraph)
Mislabelled cheap fish sold as cod, says report (Irish Times)
UK retail sales in return to growth (Belfast Telegraph)
Superquinn in the news:
Musgrave to hold pay talks with Superquinn staff (Irish Times)
Retail group stepped up takeover talks last week (Irish Times)
Superquinn boss quits over ‘bad treatment of suppliers’ (Irish Independent)
Dundalk Superquinn store in doubt after takeover (The Argus)
David McWilliams: Superquinn saga sums up our economic tale of woe (Irish Independent)
Superquinn proves crisis in retail sector (Irish Independent)
Takeover plan spurs concerns about reduced competition (Irish Times)
Musgrave deal saves Superquinn jobs (Donegal Democrat)
Related Articles
Gig Grafter achieves ISO 27001 Certification →
Making performance appraisals meaningful (part two) →
Flogas rewards customers with free Emerald Park tickets →
Followers 0
Fans 0
Followers