McConnon's Supervalu in Castleblaney goes into liquidation

A supermarket is closing in County Monaghan with the loss of 55 jobs.

A liquidator was appointed to McConnon's Supervalu in Castleblaney by its parent company Musgrave.

It is believed 40 full-time and 15 part-time staff will lose their jobs.

In a statement, Musgrave said the decision "was not taken lightly, but was necessary to protect the Supervalu brand and to minimise future exposure for our business".

"Musgrave remains committed, when possible, to supporting all its retailers, but will not do so at the expense of its own business or the Supervalu brand.

"Such support can only continue where there is a clear and sustainable business case for the future of that business."

The owner of the store, Jim McConnon, has been embroiled in a series of court battles over a loan of 32m euros in 2007 to build a shopping centre in Castleblaney.

Mr McConnon had never before been involved in property development.

In 2010, Zurich Bank Ireland appointed a receiver to the centre, and in March 2011, a court ruled he must repay the money to the bank.

Last month, the Commercial Court in Dublin ruled Mr McConnon could not proceed with his action to stop the bank enforcing this judgement.

Mr McConnon had claimed bank officials had enhanced his original loan proposal before putting it before its credit committee for approval.

The shopping centre is now estimated to be worth between 1m and 2m euros.

Related Internet links

The BBC is not responsible for the content of external Internet sites