by Siona Carroll
SUPPORT is rising in Limerick for the prospect of a management buy-out of the troubled Elverys Sports Stores.
Limerick Fianna Fáil TD, Niall Collins is welcoming the fact that a number of investors have expressed interest in buying the stores, but he’s warning it is vital for the economy that all of the jobs are saved. Elverys sport store went into examinership with debts of €23 million and threats from suppliers to withdraw goods.
“It is essential that every effort be made to save these jobs in Limerick and while the emergence of a buyer for the business looks promising, an outcome needs to be forthcoming as soon as possible whereby the uncertainty of the workers is lifted and the future of the Elvery’s Store in Limerick is secured
Willie O’Dea, TD (FF), has called for the management buy-out, which would save all 40 jobs in four Limerick stores, to be given a chance. “The uncertainty about the future of this iconic Irish retailer has been going on far too long. I have met with representatives of the local employees of Elverys and they are extremely worried about their future. It is crucial that the need to save all 654 jobs is not lost amid the tussling between bidders,”
Hilco, the company behind the rescue of HMV and Xtravision is one of six parties interested in taking over Elverys. Sports Direct are also in the running for the take over. Sports direct bought UK rival JJB’s in 2012 when it closed more than 100 of their stores. Lifestyle Sports is in close proximity to Elevrys shops, which is adding to the fear of closures.
