The High Court has appointed an interim examiner to Best Menswear.

Declan McDonald, of PwC, has been appointed to work with the company to put it on a more sustainable basis into the future.

Best Menswear employs 135 people in Ireland, and has 15 stores.

In a statement issued this evening, the company says it had been struggling in a difficult market and last month's closure of Clerys had put an enormous strain on cashflow, compounding its trading difficulties.

David Jones, Managing Director of Best Menswear, said it is 'business as usual' for the company while they work with the examiner.

“Like many retail businesses in Ireland, Best Menswear has operated in a very difficult environment since 2008," Mr Jones said. "While trading is slowly improving, the biggest challenge remains unsustainably high rents and upward only rent reviews which are a significant burden on our business.

"These are a legacy of Celtic Tiger Ireland and do not reflect the economic reality we are all operating in today. A key part of the success of this process will be our ability to renegotiate rents and lease terms with our landlords," he added.