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Guineys set to close...

  • 18-09-2012 3:58pm
    #1
    B.A._Baracus
    Registered Users, Registered Users 2 Posts: 11,206 ✭✭✭✭


    Irishtimes.com :
    SEVENTY-ONE years after it was taken over by Kerryman Denis Guiney and his family, the famous Clerys department store in Dublin was acquired by a US company yesterday.
    The takeover safeguards almost 350 jobs at the O’Connell Street store, which will continue to trade as normal.
    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 were released but Gordon 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”.

    full article here .........



    End of an era isn't it? Guineys was the pennys of the day for years and years. Guess everything comes to an end.


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