Belfast Telegraph

Payout for concession holders at closed store in Dublin

By Peter Flanagan

Former concession holders at the defunct Clerys department store in Dublin are to receive about 30c for every euro they are owed, it has emerged.

At a meeting of Clerys' creditors yesterday, the company's liquidators said there would be €400,000 (£294,375) made available to concession holders.

The concession holders have long contended they are owed around €2m (£1.5m) which should have been held for them in a trust.

The liquidators, Kieran Wallace and Eamonn Richardson of KPMG, are understood to have accepted that the concession holders have a valid claim to about €1.3m (£1m). The creditors left out of pocket from the collapse of Clerys have set up a committee of inspections to represent their interests during the liquidation.

The committee will meet next Monday. It will be made up of three former concession holders at the store, a member of trade union Siptu, and a representative of the Department of Social Protection, which is expected to pay out at least €2.5m (£1.8m) in redundancy to staff.

Clerys - long a popular shopping stop for visitors to Dublin from Northern Ireland - went out of business in June after Natrium, the company which bought it from Gordon Bros this month, moved swiftly to put OCS Operations Ltd, which ran Clerys, into liquidation.

At the meeting, Mr Richardson is believed to have notified creditors that he had requested a statement of affairs from Gordon Brothers and Jim Brydie, who held the operating company for hours before it was put into liquidation.

Belfast Telegraph