Jervis Street shop sold to Arnotts
Debenhams has sold its Jervis Street store in Dublin to Arnotts.
The department store group said it had disposed of the store because of the acquisition of Roches in September last year.
Debenhams will continue to trade in Dublin city centre from the 140,000 sq ft flagship in Henry Street.
The retailer said that the transaction would be earnings enhancing immediately from completion and that it would result in an exceptional non-cash asset write-down of about£13 million.
Seymour Pierce analyst Richard Ratner said that the deal should add about£1 million to the bottom line, on the assumption that about£10 million of the store's£25 million turnover is transferred to the Henry Street shop.
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