Betting firm Ladbrokes has been placed into examinership by the High Court.

The bookies has a chain of 196 shops operating in the Republic, and employs 840 people in Ireland.

The company says it has sought court protection after a number of years of falling profits.

The company suffered losses of some €5m last year.

Ladbrokes is also warning that redundancies among its staff are likely, as it restructures its business.

All shops will continue to trade as normal during the examinership process.

CEO Jim Mullen said the Irish division was unsustainable in its current shape.

"While regrettable, the action taken today by the directors of the Irish companies is absolutely necessary to safeguard the Irish business which in its current state is not sustainable and cannot be supported by the Ladbrokes Board without radical change, having lost its competitive edge," he said.

"This step has been taken in the best long term interests of Ladbrokes Ireland, its employees, customers, partners and shareholders. In entering the process, our aim is to build a sustainable and competitive business based in Ireland, run from Ireland, investing in Ireland and supporting the Irish economy and sporting industry while delivering for shareholders," he added.