Anglo Irish Bank Takes over Arnotts Department Store.

Arnotts Holdings has issued a statement reassuring customers and staff that it is business as usual at the Dublin department store.


The statement came after it emerged that the company has been placed under the control of Anglo Irish Bank and Ulster Bank.

Arnotts is struggling with debts of €300m.

http://www.rte.ie/news/2010/0728/arnotts_anglo.html

So the bank that is in massive debt itself and can grab as much money as needed from the Irish Tax Payer can take over anyone who owes money to it!

Looking around the other websites it appears not everone agrees with the bank`s takeover.

Over at Politics.ie

Keith-M Says

So the state controls Anglo-Irish and Anglo-Irish will be in control of Arnotts, Quinn Insurance, several hotels and a massive amount of property. I'm now beginning to see the logic of Bertie Ahern describinghimself as a socialist. Very soon we'll have the greatest amount of government control of the state's assets, since the fall of the Berlin Wall.

http://www.politics.ie/current-affairs/134740-anglo-set-take-control-arnotts.html#post2877475