EU approves banks' takeover of Arnotts

The EU have given Anglo Irish Bank and Ulster Bank to take over the Dublin retail store, Arnotts.

The iconic department store - on Dublin's Henry Street - is struggling with debts of €300m.

The European Commission gave the go-ahead this afternoon saying the transaction would not impede competition in Europe.

Retail specialist Mark Schwartz will oversee the management of the business.

He said his goal is "to focus on the future, work closely with staff and suppliers, and create the conditions which will enable Arnotts to thrive for many years to come".