A liquidator is to be appointed to Blacktie Formalwear.

In a statement the company owner Niall O'Farrell told staff that the company which has 11 stores across the country is going into liquidation by Friday February 1st.

Mr. O'Farrell confirmed that the company is to trade as normal and will honour all commitments to staff and customers as efforts are made to secure a buyer.

'Deeply regret this decision'

The decision was taken to appoint a liquidator as the company suffered due to a number of factors including a decline in the formal wear rental market and increased lower cost retailers from the high street.

Mr. O'Farrell said it was with deep regret he took the decision as he has spent most of his career establishing and developing Blacktie.

He continued "I have not drawn a salary from the business for the past four years, and even invested substantial personal resources".

"I would like to pay tribute to Blacktie's employees for their hard work, dedication and loyalty, and will ensure I am available to each and every one of them to answer personally any queries that they may have" he added.