The manicure supply chain of the Cork city has been put on the brink of closure after a proposed acquisition by a group of investors.
The company, which is owned by a French company, has already sold its operations in Cork to rival companies.
The group is led by billionaire businessman François Pépin, who is worth more than €1 billion, and includes the French businessman Patrick Pévis, who owns an Irish company, Antibiotic Co. It plans to move its operations into Cork and move into other markets.
The move has been the subject of a long-running court battle between the Cork City Council and the firm.
Mr Pévinis and Mr Pévenis’s partner, Pierre Pévaud, have been accused of corruption and breach of fiduciary duty.
Last week, the Cork Court of Appeal ruled that they had breached their fiduciaries duty by paying bribes and embezzlement of public funds.
It said that the Council had been unable to prove any evidence that the Pépvis group had ever broken the law.
A report released by the City Council last year found that there was evidence to show that the council had breached the fiduciies of its staff and that Mr Pemvinis had taken advantage of the position to enrich himself.
In response, the Pemvans sued the Council in the High Court.
They are now seeking a court order to block the acquisition and the takeover by the Pésvenos.
The City Council has said it will be examining the implications of the Périssons takeover.
Mr Justice Coughlan said that if the Pesvenos did not have the “confidence” to divest themselves of their interests, it would be difficult to have any confidence in the council.
He said that a decision to block or divest would be based on the facts and would be subject to a final decision by the court.