Irish department stores. Arnotts Dublin.

Sceala Philosopher Location: Mullingar

Arnotts is one of the best shops in Ireland.. we all enjoy shopping there.
Arnotts is also the oldest and largest department store in Dublin .. Ireland. The company has two stores in Dublin. Their flagship store is located on Henry Street on the northside of the city centre... and there is a smaller store selling mainly shoes in an outlet in Stillorgan Shopping Centre in south Dublin.
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The news today is a shock.
Anglo, Ulster Bank to take control of Arnotts Irish department stores.
The well known Dublin department store, Arnotts, is set to come under the control of Anglo Irish Bank.
Anglo, Ulster Bank to take control of Arnotts
The well known Dublin department store, Arnotts, is set to come under the control of Anglo Irish Bank.
The move comes as the retailer struggles with a significant debts of in excess of €250m. The debt is owed to Anglo and also to Ulster Bank.
Anglo Irish Bank has sought permission from the European Union to precipitate the move under EU rules. There is a deadline of August 9 for objections to the move.
It is understood that none of the 950 jobs at Arnotts are under threat and that the store, located on Henry Street in Dublin, is trading well.
Arnotts generated debts arising from a proposed €750m redevelopment of the 5.5 acre area surrounding the store. The 'Northern Quarter' development was to include a shopping, entertainment and residential district.
The retail management consultant and former Arnotts executive, Eddie Shanahan, has described as horrendously bad the news that the Dublin department store is to be placed under the control of the banks.
He asked what the banks knew about retailing when questions are being asked about what they knew about banking. He also expressed scepticism about the employees' futures.

Arnotts is the oldest and largest department store in Dublin, Ireland. The company has two stores in Dublin. Their flagship store is located on Henry Street on the northside of the city centre, and there is a smaller store selling mainly shoes in an outlet in Stillorgan Shopping Centre in south Dublin.
In July 2010 Arnotts was taken over by Anglo Irish Bank and Ulster Bank due to large outstanding loans on its failed "Northern Quarter" property development.
History
The store has its origins in a business founded in 1843 at 14 Henry Street by George Cannock and Andrew White. In 1845 two bankers, Andrew and Patrick Reid became partners in the business. In 1848 White died, and the entrepreneur John Arnott took shares in the company. In 1865 Cannock departed the business, and the business was renamed as Arnotts.
The main shop occupies much of the block behind the GPO to the west of O'Connell Street, between Henry Street and Abbey Street. The original store was completely destroyed in a fire in May 1894, and a new building constructed in the following year. The main entrance is on the pedestrianised Henry Street. Across O'Connell Street in North Earl Street is Arnotts sister store Boyers & Co.
Since 2003 Arnotts has been privately owned by a consortium, Nesbitt Acquisitions, comprising about 50 members of the Nesbitt family, led by Richard Nesbitt.
Northern Quarter
In 2006, Nesbitt Acquisitions announced their plans to redevelop their properties located between O'Connell Street and Liffey Street incorporating the former Independent Newspapers building on Abbey Street. The new development was to be called the Northern Quarter and was to be one of the largest rejuvenation projects to ever be undertaken in this area of the city centre. The estimated cost of the project was €750,000,000. Following planning difficulties and the financial crisis in Ireland, the project never went ahead. Arnotts incurred large debts in acquiring property, leading to their takeover by financial institutions in 2010.

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Irish department stores. Arnotts Dublin.