Saga of Clerys far from resolved
Sir, – Is romance blooming again under the Clerys’ clock? The workplace dispute appears settled by means of “substantial goodwill payments”, a credit note for the future and a vague nod to law reform.
The closure of Clerys, however, raised fundamental issues of insolvency practice, law and ethics that are still unresolved. Overnight, Clerys sale created a class of big winners, some of whom made double-digit returns on their investment, while at the same time the State was the big loser, forced to foot the bill for €2.5 million of redundancy payments. Others, like concession holders, lost out also.
For all of the workers’ current good cheer, let us not forget that there are serious matters still to be addressed in the public interest.
If not addressed, then Clerys will become a template of sorts that will reappear in time, undermining those who advocate the overriding importance of ethics in business. – Yours, etc,
Navigo Consulting Ltd,
Harcourt Road, Dublin 2.
Sir, – The well-known song Under Clerys’ Clock by Phil Chevron of The Radiators must be rewrittenfor ageing new wavers in the wake of the shop’s takeover. But Under Natrium/OCS’s Clock does not have the same ring to it, alas. – Yours, etc,