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18/09/2012
Clerys Department Store Saved By US Takeover
Some 350 jobs at iconic department store Clerys, on O’Connell Street in Dublin, have been saved after a take over deal was agreed with a US company on Monday.
However, its sister shop, Guineys on Dublin’s Talbot Street, and the Clerys home furnishing stores in Leopardstown and Naas, have been closed with the loss of 29 jobs.
Boston-based private equity group Gordon Brothers acquired Clery & Co (1941) plc through a subsidiary called OCS Investment Holdings.
No financial details have been released but OCS is believed to have paid about €15 million to acquire the retailer’s €26 million debts from Bank of Ireland.
Frank Morton, chief executive of Gordon Brothers Europe, said the deal would mark a “fresh start” for Clerys. “We are acutely conscious of and respectful towards its heritage and tradition,” he said.
He added that changes would be required to bring the store on to a “secure and sustainable footing”.
“We will invest in the store and look forward to working with the management, staff, concessionaires and suppliers to review and improve operations, to significantly enhance the offering to customers and build on the many excellent features of the store,” he said.
The new owners said all customer deposits, vouchers and store cards in place prior to the receivers being appointed would be honoured in full.
(H)
However, its sister shop, Guineys on Dublin’s Talbot Street, and the Clerys home furnishing stores in Leopardstown and Naas, have been closed with the loss of 29 jobs.
Boston-based private equity group Gordon Brothers acquired Clery & Co (1941) plc through a subsidiary called OCS Investment Holdings.
No financial details have been released but OCS is believed to have paid about €15 million to acquire the retailer’s €26 million debts from Bank of Ireland.
Frank Morton, chief executive of Gordon Brothers Europe, said the deal would mark a “fresh start” for Clerys. “We are acutely conscious of and respectful towards its heritage and tradition,” he said.
He added that changes would be required to bring the store on to a “secure and sustainable footing”.
“We will invest in the store and look forward to working with the management, staff, concessionaires and suppliers to review and improve operations, to significantly enhance the offering to customers and build on the many excellent features of the store,” he said.
The new owners said all customer deposits, vouchers and store cards in place prior to the receivers being appointed would be honoured in full.
(H)
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The government has announced a review of company and employment law, which aims to provide the basis for legislative change to prevent a repeat of the situation surrounding the closure of Clerys department store. SIPTU activists and former Clerys workers have described the announcement as a "positive development".
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The government has announced a review of company and employment law, which aims to provide the basis for legislative change to prevent a repeat of the situation surrounding the closure of Clerys department store. SIPTU activists and former Clerys workers have described the announcement as a "positive development".
16 June 2015
Protest Underway At Clerys Department Store
Hundreds of protesters have gathered outside Clerys department store in Dublin in support of workers. More than 130 staff were informed the company had been placed into administration and they would be made redundant. The protest was mounted following reports that staff at the store would be offered a basic redundancy package.
Protest Underway At Clerys Department Store
Hundreds of protesters have gathered outside Clerys department store in Dublin in support of workers. More than 130 staff were informed the company had been placed into administration and they would be made redundant. The protest was mounted following reports that staff at the store would be offered a basic redundancy package.
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The treatment of workers at Clerys Department Store, which has entered liquidation, has been "strongly criticised" by Sinn Féin leader Gerry Adams. Mr Adams said that the 130 workers, who have lost their jobs, have been "treated appallingly".
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Labour Renews Call For Fair Deal For Former Clerys Workers
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