Turnaround specialist buys Dublin store Clerys

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The Independent Online

Clerys, the landmark Dublin department store, has been acquired out of receivership by Gordon Brothers, saving nearly 150 jobs.

Gordon Brothers, a global restructuring firm, is understood to have bought Clerys for about €15m (£12m), including its debts, from joint receivers at the accountancy firm Grant Thornton.

This followed a troubled recent period at the 159-year-old retailer, which had been owned by the Guiney family for 70 years.

Frank Morton, the chief executive of Gordon Brothers Europe, said: "Clerys has been an important feature of Dublin life and Gordon Brothers is committed to revitalising its fortunes."