CLERYS, THE 159-YEAR-OLD department store on Dublin’s O’Connell Street, has been sold to an American private equity group, just hours after it was placed into receivership.
The move means that almost 350 people who work at the iconic store will keep their jobs after the store was bought by investment group Gordon Brothers.
The giant department store will continue to trade as usual.
However Guineys & Co, the nearby department store on Dublin’s Talbot Street which is a sister shop to Clerys, has been put into liquidation and will close down. Clerys’ two retail park shops in Leopardstown and Naas are also to close.
A total of 29 jobs will be lost.
The Clerys Home Furnishings store in Blanchardstown in Dublin closed on 16 September with the loss of 16 jobs.
Clerys had been struggling financially in recent years with declining footfall in its flagship store and high rents on its retail park shops.
Clerys opened in 1853 and was one of the world’s first purpose built department stores. It was purchased by the Guiney family in 1941.
Michael Guiney stores, which are a separate company, are not affected.
Previously: Up to 16 jobs at risk as Clerys branch closes >