New owner vows to ‘revitalise’ Clerys

The new owner of Clerys has vowed to “revitalise” the historic store’s fortunes with fresh investment to enhance its offering and improve its operations.

A Boston-based private firm, Gordon Brothers, was named as Clerys’ new owner on Monday night, via one of its subsidiaries, OCS Investment Holdings.

The debt-laden business was bought after being put into receivership by former owners, the Dublin-based retailing family, the Guineys. Michael McAteer and Paul McCann of Grant Thornton had been appointed joint receivers of the three holding companies for Clerys on Monday afternoon.

In a statement yesterday, Frank Morton, CEO of Gordon Brothers’ European operations, said the company is committed to revitalising Clerys’ fortunes; adding that the development “will facilitate Clerys to make a fresh start”.

“Clerys, and the sector in general, have faced significant challenges in recent years and changes will be required to bring the store onto a secure and sustainable footing. We will invest in the store and look forward to working with the management, staff, concessionaires and suppliers to review and improve operations to significantly enhance the offering to customers and build on the many excellent features of the store.”

Reaction to the takeover was broadly positive. Retail Ireland said it was a potential sign of some confidence returning to the sector.

Separately, High Court judge, Mr Justice Seán Ryan, yesterday appointed joint provisional liquidators Declan Tate and Sean Kelly to wind up Clery and Co’s subsidiary companies — Dennis Guiney Furnishings Ltd and Guiney & Co.

The court was told that, without the support of their parent company, the two subsidiaries were financially insolvent. After Monday’s receivership, the necessary support was no longer available.