Furniture retailer Cost Plus Sofas has announced that it is to close "many" of its Irish stores.

"After many years serving the people of Ireland, we have taken the decision to completely restructure the business which will involve the closure of many stores," the company said in a statement on its website.

The company said “all current outstanding orders, contracts and agreements will be honoured, completed and delivered as agreed.”

In a statement on its website Adam Hasan of the customer services directorate said all "current guarantees and warranties will continue to be honoured.

He advised customers awaiting a delivery of an outstanding order not to take any action. “We will contact you as soon as your order comes into stock. “

The company operated as Cost Plus Sofas and Beds Etc. It has about 20 stores in the State including three in Dublin, one in Cork , Galway, Limerick, Sligo, Waterford, Athlone and Mullingar. It is yet unclear which stores will be closed.

On its website it claimed to be “Ireland’s biggest chain of sofa megastores.” The first branch of the chain opened in Mullingar.