The store employs 83 people, either directly or in concession, and faces the already shut Clery’s across North Earl Street, close to O’Connell Street, is part of the Arnotts Group and the closure follows a takeover by developer Noel Smyth’s Fitzwilliam Finance Partners.

The closure will have no impact on the operations of the nearby Arnotts Department Store which will continue to trade as normal, the company said.

The shop closed early today and will reopen tomorrow.

In marked contrast to the shock closure of Clery’s with the immediate loss of all jobs, management and staff at Boyers were today informed of the plan to close the store on January 31 next following an orderly wind down.

Money to cover agreed redundancy payments for affected staff is to be ring fenced in a separate bank account that will be established in the joint names of Fitzwilliam Finance Partners and Mandate Trade Union.

A consultation process with employees and union representatives is underway, and management plans to implement what they described as a “comprehensive outplacement programme” to help staff find new work.

“The long notice period is designed to facilitate appropriate consultations with staff, along with suppliers and concessions holders. Following its closure, the Company will seek to sell the property, which is based at 19-22 North Earl Street, Dublin 1,” owner Fitzwilliam Finance Partners said in a statement.

“The decision to close the business was a very difficult one and was only taken after Fitzwilliam Finance Partners carefully considered all the options,” the company said.

Fitzwilliam Finance Partners acquired an initial interest in the Arnotts Group in December 2013 and bought out the remining stake in the business from US firm Apollo, a deal that closed last week.

The decision to shut the Boyers store, which is a prime redevelopment site, came after Fitzwilliam Finance Partners failed to identify an operator to manage the store, the company said.

Article by The Independent