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RETAIL
Banks bid for control of Arnotts department store
28.07.2010
The Anglo Irish and Ulster Banks are to take control of Dublin department store Arnotts, one of the flagship AIS members in Ireland.
Press reports across Ireland suggest the retailer is finding it hard to service its reported €260m debts, but that the takeover wouldn't threaten jobs and that trading in the first half of the year has been strong.
The company carries merchandise across many categories but has a vast furniture and beds offer including a number of leading brands.
The banks have informed the EU Commission of their bid to take control, while an Arnotts statement was released saying the business was working with its banks as part of the restructure of the group's financing but that its financial position was secure.
