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gruffydd

Landmark Irish Store For Sale For 1 Euro...

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http://www.irishcentral.com/story/roots/ireland_calling/landmark-irish-store-faces-ruin-101973208.html

"It's all down to the disastrous property madness that so many people got sucked into here. And that is where, as promised, we get back to the story of Arnotts, Dublin's biggest department store, which was taken over by its two main banks a few weeks ago.

Arnotts has built up so much debt over the past decade or so -- around 300 million euro -- that the banks are said to be willing to sell it for as little as one euro to anyone willing to take it on, with its liabilities.

It's still trading, but no one seems to be sure what the future holds. Certainly the albatross of debt around its neck puts a big question mark over its survival in its present form.

This has come as a huge shock to Dubliners because the grand old store has been a part of Dublin life for so long, since 1843 in fact when it first opened its doors on Henry Street. It is one of our oldest and most famous department stores, even getting a mention in James Joyce's novel Ulysses"

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You know, it reminds me of "MG ROVER"..........they stripped all value out, picked away all things of worth, hollowed it out.....then sat back & watched it fall.

Mike

Edited by Mega

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http://www.irishcentral.com/story/roots/ireland_calling/landmark-irish-store-faces-ruin-101973208.html

"It's all down to the disastrous property madness that so many people got sucked into here. And that is where, as promised, we get back to the story of Arnotts, Dublin's biggest department store, which was taken over by its two main banks a few weeks ago.

Arnotts has built up so much debt over the past decade or so -- around 300 million euro -- that the banks are said to be willing to sell it for as little as one euro to anyone willing to take it on, with its liabilities.

It's still trading, but no one seems to be sure what the future holds. Certainly the albatross of debt around its neck puts a big question mark over its survival in its present form.

This has come as a huge shock to Dubliners because the grand old store has been a part of Dublin life for so long, since 1843 in fact when it first opened its doors on Henry Street. It is one of our oldest and most famous department stores, even getting a mention in James Joyce's novel Ulysses"

It's not on sale for one Euro.

It's on sale for 300 milion, and one euro!

tim

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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