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MNB reported yesterday that Superquinn, the iconic Irish food retailer, had been placed in receivership by a syndicate of banks concerned that its more than $500 million (US) in debt was unsustainable, and then was sold by the banks to Musgrave Co., which operates under the SuperValue, Centra and Londis banners.

The Independent now reports that Superquinn founder Feargal Quinn - who sold the company in 2005 and now occupies himself as an elected senator as well as hosting a television program, “Retail Therapy,” in which he travels the country helping businesses develop new strategies and tactics - told the Senead that he was pleased that Superquinn is now “in the hands of another Irish family.”

"I am very pleased to see this and I am confident that the jobs of the 2,800 people who work there appear to have been secured," he said.
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