Clerys concession holders to get stock back from liquidator
Published 16/06/2015 | 17:34
Businesses owed €5m following the liquidation of Clerys may be able to begin retrieving stock from the iconic department store tomorrow.
Liquidators KPMG have told some of the 50 businesses which had concessions in the Dublin store that it hoped to be able to allow them to retrieve their goods.
Concession holders estimate that around €3m worth of goods has been trapped in the store since the shock announcement last Friday that it was to immediately close.
Read more here: Clerys closure may spark law change
However, the situation regarding around €2m in cash owed to concession businesses from direct sales remains unclear.
This was cash from in-store sales for the past six weeks which had been held in trust by OCS Operations Ltd, which ran Clerys.
Concession holders had been due to be paid the money on Monday.
Many said their businesses would be in jeopardy if the cash from sales was not handed over immediately.
However, the liquidators have not informed concession holders what the situation is regarding the money.
“I have asked on a number of occasions for clarifications on the money, but as of yet I have no clarification,” said Michael Lavelle, a solicitor representing some of the concession holders.