Restructuring firm Gordon Brothers is on the verge of acquiring iconic Dublin department store Clerys.
Gordon Brothers is prepared to pay €14m to take over about €26m in debt owed by Clerys to Bank of Ireland.
Detailed discussions are still ongoing around what to do with a number of development sites near the store which were acquired by Clerys with a view to expansion.
The department store has been owned by the Guiney family for 70 years.
In the 12 months to the end of January 2011, Clerys recorded a loss of €2m.