A company in Tubbercurry, Co Sligo which employs 48 people has gone into examinership, in an effort to safeguard its future.
Basta, which manufactures locks, hinges and handles for doors and windows, has been a major employer in Tubbercurry for over 60 years.
Chairman of the company, Castlerea-based businessman John Murphy has confirmed to Midwest News this afternoon that an interim examiner was appointed by the High Court last Thursday, and has 100 days to restructure the company's finances.
Mr Murphy said they're hoping to invest in the company in the future, but need to make some strategic changes.
This will involve redundancies, but he could not confirm the number of redundancies at this point, until management meet with the examiner and with staff and unions.
John Murphy and his business partner bought Basta in Tubbercurry 14 months ago.
Mr Murphy says that, while the market is changing, it is their intention to invest in the company in the future but with less people employed.