Dunnes Stores Completes A 'Major Restructuring Process'
Dunnes Stores has reportedly completed a major corporate restructuring process by assimilating 40 individual companies into a principal entity within the group via a merger process.
The 40 firms have been merged with Dunnes Stores (George's Street) "by absorption" in a move approved last week and the assets and liabilities of the individual firms have now become the assets and liabilities of the city centre outlet, reports Irish Independent.
Now filings at the Companies Registration Office show that 'the operations of 40 companies controlled by the Dunnes Stores group have been merged with an unlimited firm called Dunnes Stores (George's Street)'.
Filings also show that Dunnes Stores (George's Street) reportedly had €47.5 million in assets prior to the merger process, and €25 million of liabilities.
The move comes months after the Irish retailer announced operational changes. Anne Heffernan and Sharon McMahon were appointed directors of all Dunnes Stores companies in September 2017.
Margaret Heffernan, who is the second largest shareholder in the company reportedly transferred much of her hands-on role at the business to her daughter, Anne.
© 2018 - Checkout Magazine by Donna Ahern