Roches Stores has confirmed it has sold its retail business to Debenhams for €29 million.
Roches will retain retain ownership of its properties and lease them to Debenhams.
In a statement released this morning, Roches said the increasing importance of scale in European retailing means that the long-term interests of staff and customers are best served by this sale of the retail business.
Debenhams will operate nine of the existing 11 stores located in Dublin at Henry Street, Blackrock, Tallaght and Blanchardstown; in Cork at Patrick Street; and in Limerick, Galway, Waterford, and Tralee.
The store at Wilton in Cork will transfer to Marks and Spencer, while the home and gifts store at Nutgrove will close with the loss of 14 jobs.
All management and staff will transfer to Debenhams and to Marks and Spencer. However, Roches will close its support office in Sandyford with the loss of 77 jobs,
Roches said the transfer will be completed by September 6th and that all stores will continue to trade normally as Roches Stores up to the completion date. Roches Stores employ 2,000 staff in the 11 stores.