Metron Stores Ltd, the operator of Iceland stores in the Republic, told the High Court it is unable to pay over €35m of debts as they fall due as it sought to have an examiner appointed to protect it from its creditors.
Legal representatives for the company presented an expert report stating that the company has a reasonable prospect of survival if an examiner was appointed.
Mr Justice Michael Quinn appointed an interim examiner to Metron which operates Iceland’s 26 stores in the Republic and employs 344 people.
While the mass recall ordered by the Food Safety Authority was listed as the cause of the action, details emerged in court of a range of legal actions against it including claims by landlords, significant losses over previous years, and other issues such as a strike at one store.
The company said it will need fresh investment and leases renegotiated at loss-making stores.
Accounts for Iceland Stores Ireland Ltd show it made a loss of over €8m for the year ending 31 December 2022. Metron took over Iceland Stores Ireland in February of this year.
