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The Harvey Nichols store in Dundrum Town Centre will close on September 13th after failing to reach an agreement with the mall owners. Liquidators from Grant Thornton were appointed in August due to the company's insolvency and inability to pay debts. The store had been a financial burden for years and was no longer supported by its UK parent group. Efforts to find a buyer were unsuccessful, leading to the decision to wind down operations.
Liquidators were appointed earlier this month after troubled UK parent group was acquired by Mike Ashley Harvey Nichols Dundrum store will close next month after the failure to agree a rescue plan.
Photograph: Bryan O’Brienon Wednesday confirmed that staff at the store have now been told the outlet will close on September 13th after it was unable to reach an agreement with Dundrum Town Centre to continue trading.
‘It invalidated me as their mother’: Irish woman told to return daughter’s passport “We recognise that this is difficult news for employees, customers and other stakeholders. Representatives of the joint provisional liquidators will be on site to meet with employees, answer questions and provide support during this period.
“Our immediate focus is on supporting staff through this process and ensuring an orderly wind-down of operations. ”and was part of the Harvey Nichols group in the UK, was unable to pay its debts and was insolvent. The store, which has been loss-making for several years, has faced difficult trading conditions since the pandemic and was no longer being financially supported by its UK parent group.
Since 2021, net liabilities faced by the Irish business have risen from €19.4 million to €28.2 million. John Boland and Nicholas O’Dwyer of Grant Thornton were appointed as joint liquidators of the store, which had an annual rent bill of almost €1.1 million. The sole director of the trading entity behind the store, Julia Goddard, said there was no buyer for the company and the board had decided it was in its best interests to enter a winding-up process.
Goddard said if no buyer could be found for the Dundrum company, the joint liquidators would be best placed to implement an orderly cessation of trading and secure the assets of the company. The decision to close the store has come following the purchase of the troubled luxury department store group Harvey Nichols by Ashley’s Frasers Group, which said it planned a “significant restructuring” of the 200-year-old business.
The Harvey Nichols parent, which has more than 1,000 staff, was acquired through what is known as a prepack administration process in the UK. It controlled six stores, including Harvey Nichols’ flagship store in Knightsbridge, London.
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Harvey Nichols Dundrum Town Centre Store Closure Liquidation Irish Retail
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