Restructuring firm Gordon Brothers has acquired Dublin department store Clerys out of receivership.
The Boston-based business acquired the store from joint receivers Paul McCann and Michael McAteer of Grant Thornton yesterday.
Clerys has lost almost €4m over the past two years and has outstanding debts of around €26m owed to Bank of Ireland, The Irish Examiner reported.
Gordon Brothers will trade Clerys on a “business as usual” basis with none of the 147 jobs in store affected.
Speculation had been mounting last month that Gordon Brothers would take on the store for a rumoured €14m.
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.
Separately, a petition is due to be filed to appoint a liquidator to Guiney & Co Ltd and Denis Guiney Furnishings which operates two Clerys Home Furnishing stores.
Gordon Brothers Europe chief executive Frank Morton said: “The iconic Clerys department store has, for generations of Irish people, been an important feature of Dublin retail life and Gordon Brothers is committed to re-vitalising its fortunes.”