Post by shayne on Jan 6, 2009 21:39:55 GMT 8
Doubts over Westlife star’s Ballina plans
Anna-Marie Flynn
FRENCH fashion chain Morgan has confirmed it has gone into administration, leaving the future of the proposed Ballina outlet, headed up by a company owned by Westlife singer Shane Filan, hanging in the balance.
News broke that the successful chain was in ‘financial difficulty’ last Wednesday with reports that the company informed a local commercial tribunal outside Paris that it was unable to continue making payments.
The move will throw a shadow of doubt across the planned transformation of the former Garvey’s Bakery premises in Ballina, which was purchased by Shafin Developments Ltd, owned by singer Shane Filan and his eldest brother Finbarr, with a view to establishing an outlet there.
Shafin Developments was said to have had extensive plans for a three-storey retail development spanning 572 square metres, which it had submitted to Ballina Town Council. A spokesperson for the Sligo-based developers could not be reached last week and whether these plans will go ahead or not, under the terms of a rescue package or a different fashion label, now remains to be seen.
The franchise for the French company first came to the west of Ireland when Shane Filan purchased Sligo’s Carlton Cafι from his parents and renovated the premises as a retail outlet housing the Morgan label, now run by his wife Gillian. The store then moved to the Quayside Shopping Centre but has since closed its doors. It is believed the Westlife singer escaped the brunt of going bust by closing his outlet six months before the parent company filed for bankruptcy.
The high-street fashion line is owned by private equity firm Apax and has 575 stores in 57 countries, including Ireland where several of its stores closed in 2008. With more than 30 stores across Ireland and the UK, the company has said it is trying to find a buyer to rescue the business.
Last week a spokesman for Morgan confirmed it had gone under for three reasons: the financial crisis, problems in the UK and the difficulty of finding a new owner.
It is now hoped that administration will enable the business to spread repayment of its debt over ten years as well as locating a new owner.
Credit/Source: www.mayonews.ie
Anna-Marie Flynn
FRENCH fashion chain Morgan has confirmed it has gone into administration, leaving the future of the proposed Ballina outlet, headed up by a company owned by Westlife singer Shane Filan, hanging in the balance.
News broke that the successful chain was in ‘financial difficulty’ last Wednesday with reports that the company informed a local commercial tribunal outside Paris that it was unable to continue making payments.
The move will throw a shadow of doubt across the planned transformation of the former Garvey’s Bakery premises in Ballina, which was purchased by Shafin Developments Ltd, owned by singer Shane Filan and his eldest brother Finbarr, with a view to establishing an outlet there.
Shafin Developments was said to have had extensive plans for a three-storey retail development spanning 572 square metres, which it had submitted to Ballina Town Council. A spokesperson for the Sligo-based developers could not be reached last week and whether these plans will go ahead or not, under the terms of a rescue package or a different fashion label, now remains to be seen.
The franchise for the French company first came to the west of Ireland when Shane Filan purchased Sligo’s Carlton Cafι from his parents and renovated the premises as a retail outlet housing the Morgan label, now run by his wife Gillian. The store then moved to the Quayside Shopping Centre but has since closed its doors. It is believed the Westlife singer escaped the brunt of going bust by closing his outlet six months before the parent company filed for bankruptcy.
The high-street fashion line is owned by private equity firm Apax and has 575 stores in 57 countries, including Ireland where several of its stores closed in 2008. With more than 30 stores across Ireland and the UK, the company has said it is trying to find a buyer to rescue the business.
Last week a spokesman for Morgan confirmed it had gone under for three reasons: the financial crisis, problems in the UK and the difficulty of finding a new owner.
It is now hoped that administration will enable the business to spread repayment of its debt over ten years as well as locating a new owner.
Credit/Source: www.mayonews.ie