Re: Re: Arnotts
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.
If they had secured planning earlier it might have been very different; great brand Arnotts, a pity they didn’t put resources into expanding overseas and diversifying their consumer base as opposed to redevelopment. Good retailer