A chain of retail outlets that specialises in Christmas goods and seasonal gifts has become the latest victim of the sharp decline in the Irish retail sector.

2woSeasons, which operated three outlets in Naas, Sligo and Drogheda, has gone into provisional liquidation after building up significant debts and running out of cash.

George Maloney, an accountant with Baker Tilly Ryan Glennon, was appointed provisional liquidator to the overall holding company Two Seasons, following a petition to the High Court last week.

A full hearing on the appointment of the liquidator will take place in the coming days. The court granted the liquidator powers to continue to trade, and to carry on the business as necessary pending an overall assessment of the company.

The retail chain based much of its business around the Christmas and summer market. In recent weeks, the three stores were themed around Christmas and were selling various Christmas-themed products and gifts. The firm recently rolled out a 21.5 per cent price reduction in an effort to stimulate business.

According to its most recent accounts, Two Seasons owed creditors more than €1 million at the end of 2006 and recorded a loss of €250,000 during the year.

The company is majority owned by Patrick and Patricia McGuane, both with an address in Naas, Co Kildare. Jasmin Nelson, a British businesswoman, owns 40 per cent of the business.

According to company filings, Nelson took the stake in February 2006 after investing €120,000. The company is the latest in a series of high street retailers to experience pressure from declining consumer spending. Sasha, the women’s retail chain, sought bankruptcy protection from its creditors in recent weeks, while a number of other retailers are scaling back operations and restructuring.


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