DUBLIN, Jan 31 (Reuters) - The Irish operations of homeimprovements retailer B&Q were granted court protection onThursday to allow for a restructuring aimed at stemming"unsustainable losses," the company said.
B&Q, a subsidiary of Europe's biggest home improvementsretailer Kingfisher, was placed into examinership, aprocess akin to Chapter 11 bankruptcy protection in the UnitedStates and administration in Britain, it said in a statement.
The chain will continue to operate its nine stores and itssuppliers and 690 employees will continue to be paid, thecompany said. It said at least two stores will likely close.
"Losses in the Irish market can no longer be sustained bythe company, and it is hoped that a restructuring viaexaminership will provide for the potential for survival of somepart of the business," the statement said.
B&Q's Irish rival Atlantic Home Care, a subsidiary ofGrafton Group, entered examinership last year afterthe collapse of the country's housing boom caused its revenue tofall by almost half.
Kingfisher (KGF)
