Exclusive: Hughes & Hughes Dublin & Cork Airport Stores To Continue Trading
Hughes & Hughes stores in Dublin and Cork airports will continue to trade on a day-to-day basis while the receiver searches for a buyer, a member of the receiver’s team said today.
Deloitte’s Noel Brown, who is part of Receiver David Carson’s team, said all 80 staff at the Dublin Airport stores and an unconfirmed number at Cork Airport have been retained for the time being and the stores are trading using existing stock.
Hughes and Hughes operated six outlets in Dublin Airport and one in Cork Airport. All other stores remain closed.
In a statement on Friday, Hughes & Hughes said it was going into receivership with the loss of 225 jobs.
Mr Brown said following discussions with the Dublin Airport Authority, it was decided that the stores should stay open and staff were asked to arrive for work at their regular times.
Mr Brown said the airport shops in Dublin and Cork are profitable.
Although he is not party to any negotiations and could not comment on the identity of potential buyers, he said said that ‘interest has been shown in the stores’ and the Receiver would like ‘to conclude a deal sooner rather than later’.
A report in the Sunday Business Post suggested British retailer WH Smith as a potential buyer.
Speaking about the wider group, Mr Brown said it was ‘gloomy picture’ as Hughes & Hughes ‘don’t have many assets that can be realised’. One asset that had been overlooked and might be worth something, he said, was the brand name.