Concession owners to get back €3m worth of stock
Solicitor Michael Lavelle, who is acting on behalf of a number of the concession holders, confirmed the liquidators had agreed to release the stock. He said they hoped to have it within 24 hours because, as it is summer stock, it is going down in value as autumn goods would be going on sale soon.
However, the news was not so good in relation to the estimated €2m in takings which had been held by Clerys owners “in trust”.
Prior to last Friday, many of the 50 concessions would have “tilled up” each night, giving the proceeds from any sales made during the day to the operators of Clerys. On the 16th of each month they would get the money back into their accounts minus a percentage kept by Clerys.
David Jones of the Best Menswear concession, which had been in Clerys for about six years, said the operators were supposed to be holding concessions’ money in “trust”. Yet he told the Today with Sean O’Rourke radio show: “The liquidator told me there was no funds available and we would not be paid. We are now trying to understand where are the funds which clearly have been held in trust under our name.” He said he had 25 staff in Clerys for whom the situation will be “difficult and challenging” though some may be relocated to other stores.
Helen Lynch, who operated the Best of Irish Design concession for six years, was on holidays and got a phonecall from a staff member telling her what had happened. “I was really shocked. I could not believe it. I had to try to book a flight home. My first concern was for the staff and then to see what could be salvaged.”
She said she hoped the closure would be temporary.
“We don’t know where our money is. Our money is held in trust so we have to get that money.”
