operate nationwide. Receivership and sale On 18 July 2011, it was announced that receivers had been appointed to the Superquinn chain. This was triggered by a consortium of banks believed to be owed around €400m. On 19 July 2011, the chain was reported to have been sold to wholesale group Musgrave Group for just over €100m. Staff were informed that there would be no change to their terms and conditions, or their pensions under the takeover by Musgrave. The Irish Times reported on 23 July 2011 that two high court actions had been initiated to challenge the receivership and instead place the business in examinership. Lithuanian VP Group was named as a possible bidder for the company. On 27 July 2011, RTÉ reported that the petition for examinership had been withdrawn, allowing the proposed buyout to proceed. Musgrave provided a €10 million fund to benefit suppliers owed money by Superquinn. The Superquinn name disappeared from Ireland's main streets on 13 February 2014 after owner, the Musgrave Group, announced its decision to rebrand all stores as SuperValu. The SuperQuinn brand has been retained for a range of products, including sausages. See also List of Irish companies References Supermarkets of the Republic of Ireland Retail companies disestablished in 2014 Defunct companies of Ireland Retail companies established in 1960 2014 disestablishments in Ireland 2005 mergers and acquisitions Irish companies established in 1960