Struggling retailer Clerys, a Dublin icon, may yet be saved; the store is in talks to receive an injection of cash from a Boston investment firm, the Irish Independent reported.
“We are hopeful of a positive outcome that will secure the future of Clerys as one of the country’s leading retail companies,” a Clerys spokesperson said.
“Clerys has initiated discussions over the past few months with a number of parties in relation to securing the future of the company,” he said.
Although the spokesperson did not name the investors in question, the Boston-based investment firm Gordon Brothers is reportedly ready to fork over $14mill in order to assume the $26mill burden of debt Clerys owes to Bank of Ireland, according to the Independent.
The debt stems primarily from renovations and property acquisitions for a planned expansion of the iconic O’Connell St. department store.
Clerys is part of world retail history; when built in 1853, it was one of the first department stores built specifically for that purpose, changing the way people shopped.
Last year, Clerys lost €2mill, and €1.87mill the year before, according to public records. The store has been forced to cut hours to deal with the losses.
Gordon Brothers has a history of taking on longstanding businesses in financial trouble, the Independent reported.