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Yanks save Clerys

It would be like losing Macy's. Clerys, the iconic Dublin department store, will remain in business after a Boston-based equity group, Gordon Brothers, acquired the company's flagship store on O'Connell Street. The 147 staff at the store will be retained under existing terms and conditions as a result of the acquisition. A further 200 people, who work for concessionaires, will also keep their jobs.

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However, sister store, Guineys on Dublin's Talbot Street, as well the Clerys home furnishing stores in Leopardstown in County Dublin and Naas, Co. Kildare, have been put into liquidation with the loss of 29 jobs, the Irish Independent reported. "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-vitalizing its fortune," said Frank Morton, Chief Executive of Gordon Brothers Europe.

"We will invest in the store and look forward to working with the management, staff, concessionaires and suppliers to review and improve operations, to significantly enhance the offering to customers and build on the many excellent features of the store," he added. Based in Boston, Gordon Brothers was established in 1902 and has considerable experience and a strong track record in the retail sector, the report stated. The ticket price for the buyout, according to the report, is "understood" to be €14 million.