Restructuring firm Gordon Brothers is on the verge of acquiring iconic Dublin department store Clerys.

Gordon Brothers is prepared to pay €14m to take over about €26m in debt owed by Clerys to Bank of Ireland.

Detailed discussions are still ongoing around what to do with a number of development sites near the store which were acquired by Clerys with a view to expansion.

The department store has been owned by the Guiney family for 70 years.

In the 12 months to the end of January 2011, Clerys recorded a loss of €2m.

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