lauder wrote:Good news. Would be interesting to see some drawings.
are we going to see the replacement of the horrific 6O'S facade?
Anglo Irish Bank to take control of Arnotts
Wednesday, 28 July 2010 07:28
The well known Dublin department store, Arnotts, is set to come under the control of Anglo Irish Bank.
The move comes as the retailer struggles with a significant debts of in excess of â‚¬0.25 billion. The debt is owed to Anglo and also to Ulster Bank.
Anglo Irish Bank has sought permission from the European Union to precipitate the move under EU rules. There is a deadline of August 9 for objections to the move.
AdvertisementIt is understood that none of the 950 jobs at Arnotts are under threat and that the store, located on Henry Street in Dublin, is trading well.
Arnotts generated debts arising from a proposed â‚¬750m redevelopment of the 5.5 acre area surrounding the store. The 'Northern Quarter' development was to include a shopping, entertainment and residential district.
Arnotts has declined to comment.
GrahamH wrote:Ha, no Arnotts is still trading reasonably well. It is still without question the king of Dublin department stores, with the advances Roches were making being pulled back a decade by Debenhams, Clerys remaining a basketcase and more isolated than ever, and Brown Thomas increasingly finding itself priced out of the market. Arnotts has the most flexible business model and the most diverse range of departments to help weather the storm and keep itself relevant to the consumer............
EU approves banks' move on Arnotts
Monday, 9 August 2010 18:08
The European Commission has approved the move to allow Anglo Irish Bank and Ulster Bank assume full control of the Dublin department store Arnotts.
Arnotts is struggling with debts of €300m.
A leading retail specialist and CEO of private equity firm Palladin Capital Group, Mark Schwartz, is set to be appointed to oversee the management of the business. Mr Schwartz has been working closely with the banks and Arnotts for the last five months.
AdvertisementIn a statement, Anglo Irish Bank said it and Ulster Bank were totally committed to Arnotts.
The banks will not be involved in the management of the company but said they are taking the 'necessary steps' to ensure that the company will be run by experienced professionals in the best long term interest of the staff, suppliers and customers.
'While there has been understandable concern in recent days about the future of Arnotts, I wish to reassure staff, suppliers and customers that this great institution will continue to play a leading role in the Irish retail market,' Mr Schwartz said.
'Our goal is to focus on the future, work closely with our strong staff and our suppliers and create the conditions which will enable Arnotts to thrive for many years to come,' he added.
Arnotts generated debts arising from a proposed €750m redevelopment of the 5.5 acre area surrounding the store. The 'Northern Quarter' development was to include a shopping, entertainment and residential district.
PVC King wrote:This is a very positive development; the banks have taken a very mature decision to work this one through rather than kitchen sink the debt off their books. Does anyone know what the market cap of Arnotts was before the MBO was announced in the ill fated private ownership phase?
Paul Clerkin wrote:I've been following this up. Here is the illustration from the bag.
And here is basically what exists now. Basically it seems that the original block which stretched from Princes Street to Henry Street was completely destroyed in 1894 after a fire. Designed by G.P Beater in 1894, extended in 1904. So either this is the design as reconstructed after the fire, or a completely new replacement design that was just never completed due to lack of funds or interest (ie original 1894 concept), or perhaps damaged beyond repair in 1916. The top of the tower was removed in 1949 which is a pity.