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Clerys holds auction to sell IP rights

Defunct Dublin department store Clerys is holding an auction this afternoon (July 23) to sell the remaining stock and IP rights, including the name, of the retailer.

Joint liquidators of the store Kieran Wallace and Eamonn Richardson of KPMG, who were appointed on June 12, are holding a tender trade sale of stock, IP and fixtures in the Clerys building in order to raise capital.

Stock from womenswear brands on sale include Bestseller-owned Vila and Vero Moda, Joules, Gerry Weber, and Olsen. Kidswear labels Joules, Mayoral and Emile et Roes also have stock for sale while accessories from Fossil, Kipling, Modalu and Fiorelli are also included.

The news comes as Irish menswear chain Best blamed the closure of Clerys for its demise. The company, which has 15 stores across the Republic of Ireland with its largest store a concession in Clerys, appointed examiners this week. The problems occurred as a result of a loss of €270,000 (£189,456) held by Clerys in trust for Best from previous sales, combined with the loss of sales since Clerys shut.

Guernsey real estate company Natrium, a joint venture between Irish property company D2 Private and discretionary funds managed by UK-based Cheyne Capital Management, bought Clerys for an undisclosed sum on June 12 and immediately ceased trading, leaving 130 employees and another 330 concession workers unemployed.

@jillgeoghegan

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