Arnotts taken over by Anglo Irish and Ulster banks

Iconic Dublin department store, Arnotts, has been taken over jointly by Anglo Irish Bank and Ulster Bank follwing the company’s difficulties in repaying loans believed to be in the region of €250million.

Anglo Irish Bank, which is in state ownership,  has sought permission from the European Union to initiate the move under EU rules. A deadline of 9 August for objections to the move has been set.

It is understood that none of the 950 jobs at Arnotts is under threat and that the store, located on Henry Street in Dublin, is trading well.

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