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Clerys liquidators seek payout for concession holders

The joint liquidators of Dublin department store Clerys are seeking directions from the High Court in Ireland to allow them to pay out almost half a million pounds to former concession-holders.

Clerys

Concession-holders claim to be owed a total of €1.4m (£983,000) in lost sales and unreturned stock after OCS Operations, trading as Clerys, went into liquidation and closed in June.

Trade union Siptu told Drapers concession holders had about €3m (£2.2m) worth of goods inside the store at the time, some of which was retrieved.

They were also thought to be owed around €2m (£1.4m) in cash from in-store sales for the six weeks before Clerys closed. This was being held in a trust by OCS Operations.

On Monday, Kieran Wallace and Eamonn Richardson of liquidator KPMG applied to the court for permission to pay out €654,000 (£460,000) in funds to around 50 concession-holders, the Irish Times reports.

KPMG said it believes this to be a valid claim and that there are sufficient funds in OCS Operations’ bank account to meet it.

It is understood a full hearing will be held by December 21.

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.

It immediately ceased trading, leaving 130 employees and another 330 concession workers unemployed.

KPMG was appointed to manage the retailer’s assets.

 

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