Arnotts staff await outline of plan

STAFF at Arnotts are hoping to be told this week what plans Anglo Irish Bank and Ulster Bank have for the store’s future, after Brussels gave the green light for the lenders to take over the debt-ridden retailer.

The European Commission said the proposed move by state-owned Anglo and Ulster Bank would not significantly block competition from rival retailers.

The rubber-stamping of the takeover by the commission’s competition section now paves the way for Arnotts to organise its debts and overhaul its board.