Arnotts in trouble?

OldGoat

Arnotts are going under the control of the banks. First indications are that all jobs are safe and that business will carry on as usual.
Source

Imminant clearence sale? They have some nice Barker shoes and I could do with a couple of jackets.:)

I'd hate to see Arnotts go to the wall tbh. I like their mens department and I adore hunting in their bargan basement.

Orlee

I agree. There's something almost comforting abuot Arnotts and I think they stock good stuff. Hate to see them go

convert

I heard a lady (customer) being interviewed on the radio about it. She had been just about to go into the store and purchase a wedding voucher, but when she heard the news she decided not to go ahead with her purchase. People with gift vouchers may like to take heed.

Would hate to see Arnotts go... It's part of Henry St. That said, I'd be more than interested in attending any clearance sale(s) that may be imminent!!

Twee.

It would be so sad if Arnotts went! Whenever me and my mam went shopping, we only went to Arnotts, they had everything There'll be a lot of brands sorely missed if they go. But like the rest of you, if there's a sale, you'll see me straight up to lingerie and then to the bags!

yoginindublin

so, does this mean that most of the things they have will go on sale beyond this holiday weekend? or will it be business as usual with changes in management/ownership?

OldGoat

Twee. wrote: »

But like the rest of you, if there's a sale, you'll see me straight up to lingerie

Me too.:cool::D

so, does this mean that most of the things they have will go on sale beyond this holiday weekend? or will it be business as usual with changes in management/ownership?

I doubt if the banks would move that quickly. Both banks will want to have a good look at the books and see if the shop can be kept going as a viable business. If thats not an option then their next step would be to try and sell it on as a going concern to someone like BT or Debinhams or even Clearys.
If that were not an option then I can only assume a wholesafe stock sell off. Lets just say it probably won't be happening this weekend.

MysticalSoul

Would also hate to see it go. I may my Origins lotions in there, and when I buy any product at the Origins counter I get a free facial (there is no minimum spend). Unlike the Origins counter at Cleary's, find the staff at the counter in Arnotts so much more helpful.

P_1

Ouch! Its just as well that they didn't go ahead with that massive expansion.

I assume that is why the have found themselves in such hot water, I believe they were well on their way to buying up a lot of the properties on Henry and Abbey streets.

Dilynnio

Anglo are stepping in to save them.....like WTF......did we not just save them???????

This economy just keeps getting weirder!

http://www.independent.ie/business/irish/anglo-to-take-control-of-struggling-arnotts-2274662.html

P_1

Dilynnio wrote: »

Anglo are stepping in to save them.....like WTF......did we not just save them???????

This economy just keeps getting weirder!

So basically, NAMA now own Arnotts?

Madness Ted!

Dilynnio

pithater1 wrote: »

So basically, NAMA now own Arnotts?

Madness Ted!

Yeah they are making some great deals!!!!!

to8

As someone who used to work there, let me tell you, Im not surprised by this.

The 1st place they can save money is with their ridiculously relaxed returns policy. ''You bought it 3 years ago and have no receipt? sure you can have a full cash refund and one for your friend.''

donegalgirl28

I never shop in Arnotts and walked through it one day to get from Abbey St to Henry. Was amazed loads of really nice dresses for under 30 euro! Will have a look in tomorrow!

Beonce

I don't know much about this kind of thing but I can't imagine banks wanting to hold onto Arnott's for any longer than they have to. As someone much wiser than me said on the radio yesterday, they bairly know how to run a bank, what chance do they have with a retail outlet like Arnotts.

I hope someone steps in, buys it and keeps it open....I love the bargain basement soo much!

OldGoat

Apparently the retail side of the business was doing OK and the trouble all stems from the property speculation and investment side of the business. If so it bodes well that the retail side will continue on, or at least be sold on as a going concern.

ted1

can't really see it closing, its still profitable just the loans for buyig the over priced property is killing them. i imagine some of the multinationals are licking there lips. El Corte Ingles, Macys, bloomindales, etc, etc.

Lex_Diamonds

Id sooner see Clerys go to be honest. Although they do, in fairness to them, stock the finest range of old men's clothes in the city!

Canuck74

ted1 wrote: »

can't really see it closing, its still profitable just the loans for buyig the over priced property is killing them. i imagine some of the multinationals are licking there lips. El Corte Ingles, Macys, bloomindales, etc, etc.

I very much doubt if a foreign retailer such as you mention is going to dip it's toes in the Irish retail market at the moment. Presumably it'll be taken out by yet another UK chain. This time next year it'll be a John Lewis or something and we'll have forgotten there ever was a store called Arnotts.