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Hughes & Hughes has gone into liquidation with debts estimated at €15m, according to a report in the Irish Times.
Hughes & Hughes owes about €9m to its only secured creditor, Ulster Bank, which appointed a receiver to the company in February. But it also owes more than €6.4m to unsecured creditors, including landlords, Penguin (€300,000), HarperCollins (€256,000), Eason Menzies Distribution (€296,000), and book wholesaler Argosy (€150,000).
Insolvency expert Kieran Wallace of KPMG was appointed as liquidator to the chain at a creditors’ meeting yesterday (27th April), with the Irish Times noting that unsecured creditors believe they “won’t get a penny”. The company's assets have been valued at €1.5m, with stock worth just €700,000--well short of the amount owed to the secured creditor.