SUPERQUINN, the Irish supermarket chain who reopened their Dundalk store in Carroll Village Shopping Centre before Christmas following a High Court ruling, made a loss of more than e9.54 million in the year ended April 30 2009 new accounts have revealed.
A total of 67 jobs were lost when Superquinn closed its Dundalk store in February 2009. The closure of the local store was part of a groupwide scheme that saw 400 redundancies made with the company insisting at the time that it was required to keep the business competitive.
However, Parolen Ltd - the landlords of Carroll Village Shopping Centre - won a High Court ruling last September forcing Superquinn, who are a subsidiary of Select Retail Holdings Ltd, to reopen their store.
They did so in early December, calling it Carroll Village Supermarket but operating on a much scaled back level than their previous store.
Accounts for Dundalk SRH, the company behind the Superquinn there, show the reason why the company pulled out of the town in the first place as it lost more than e9.54 million in the year ended April 30 2009, after a loss of nearly e470,000 the previous year.
Nearly e8.4 million of the loss was accounted for by a downward revaluation of the company's land.
The supermarket was hit badly by cross-border trading and by Tesco's price cuts introduced in response, with the Tesco store in nearby Long Walk Shopping Centre taking much of the store's custom.
Despite the fact the company have now reopened locally as Carroll Village Supermarket, the company said last week that trading "conditions have not improved since Superquinn closed its store."
It is understood that Superquinn has as much as 10 years left on its lease with Parolen Ltd in Carroll Village.