Clerys store put into receivership17/09/2012 - 21:20:49
One of Ireland’s most famous department stores has been put into receivership.
Clerys on O’Connell Street, Dublin – one of the first businesses of its kind in the world – will operate business as usual with the 147 staff unaffected by the move.
Receivers Paul McCann and Michael McAteer of Grant Thornton said they were in advanced talks to secure the store’s future with a potential buyer with strong retail credentials.
It was reported at the weekend that Clerys would be taken over in days, with Gordon Brothers, an American restructuring specialist, poised to take control.
In a statement Grant Thornton said: “The joint receivers hope to be in a position to make an announcement regarding new ownership shortly.”
The owners and operators of the landmark department store were Clery & Co (1941) plc, Denis Guiney Limited and Yterrbium Limited.
“The store will open on a business-as-usual basis in the morning,” Grant Thornton said.
Two stores in the group, Guiney of Talbot Street and Denis Guiney Furnishings, which operates two Clerys Home Furnishing stores in Leopardstown and Naas, are to be liquidated.
“The directors have determined that these stores are no longer economically viable and they have been closed,” Grant Thornton said.
The Talbot Street store employed 10 people while there were 19 staff in the furnishing outlets.
Speculation that the O’Connell Street store would be sold has been circulating in business circles for months.
Clerys opened in 1853 as one of the world’s first purpose-built department stores.
It was taken over by the Guiney family in 1941 but has been struggling in recent years with severely depressed consumer spending in Ireland and the need to restructure debts.
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