THE 3G chain of mobile phone and wireless equipment shops could seek court protection from its creditors to pave the way for new investment in the business.

The company, whose shareholders include the Sigma group of telecoms businesses, last week temporarily closed the 27-store chain after it ran into difficulties.

The business is in the process of recruiting a new backer. It is understood that the company may be placed in examinership, which would give it High Court protection from its creditors for three months, allowing it to restructure the business or bring in new capital.

The company is in talks with potential investors, but it is not clear what stage this process is at or whether it is close to doing a deal.

A key issue for the company may be leases that it is paying on some of its shops. 3G’s outlets are in a range of high-profile locations, including Henry Street, Dundrum shopping centre and the Stephen’s Green centre in Dublin, Merchants Quay in Cork, Shop Street in Galway and other high-profile retail areas.

Up until last year, rents paid on commercial leases in the Republic could only be increased when they came up for review, not decreased.

While legislation enacted in 2009 changed this, it does not apply to leases agreed before the new law came into force, which means many existing retailers are under pressure to keep their premises.

However, last month, the Supreme Court ruled that companies in examinership can “repudiate” leases, that is exit the premises and stop paying rent and meeting other obligations under the agreement.

At the time, a number of corporate lawyers and insolvency practitioners pointed out that the ruling could prove crucial for retail businesses in examinership who are seeking to exit loss-making outlets. It also gives the examiners of such firms bargaining power when it comes to negotiating with landlords.

3G shareholders are the Sigma Group, and that firm’s owners, Tony Boyle, Michael McGinley and Niall Robinson.

The last accounts filed show that two years ago, 3G owed Sigma €6.2 million, which was due within 12 months, and a sum of €9 million which was due after one year. The Dublin-based Sigma Group employs about 150 people in total supplying equipment and other services to operators such as Meteor.