B&Q Ireland is in court this afternoon seeking the appointment of an examiner.

The move has raised fears for the future of the 690 people employed by the home and garden store.

B&Q have 9 stores across Ireland.

The court has granted protection for the company and has appointed Declan McDonald of PWC as interim examiner.

The company says the during the process it is anticipated that B&Q Ireland will continue to trade at all 9 stores; all employees will be paid, and all pre-paid goods and services, together with gift vouchers and credit notes will be honoured.

It adds that suppliers will be paid for goods and services supplied during the process.

'Hopeful sustainable business can emerge'

The company has operated here since 2002.

Brian Mooney is Chairman of B&Q Ireland.

"The management team is hopeful that a sustainable business can emerge from the examinership process, based on a restructuring of the company" he said.

"Our priority remains our employees and our customers".

"Our colleagues have been briefed on today’s development, and understand that the company’s objective in seeking the appointment of an Examiner is to try to protect jobs and retain competition and consumer choice in the market" he added.