Couldn't find a thread on this particular issue. Shane Ross recently reported that Anglo Irish Bank has declined to talk to foreign bidders for Arnotts:
Anglo Irish Bank has declined to talk to possible bidders for retail store Arnotts, according to interested parties.
A consortium of investors based overseas is understood to have made an approach to the deeply indebted bank in recent weeks expressing interest in buying the entire business of Arnotts. According to a source close to the consortium, the approach has been rebuffed by top figures in the new Anglo hierarchy.According to impeccable sources, Anglo has received three serious calls with an interest in buying Arnotts but senior executives are pleading that they need time to stabilise the business.Last night, Labour Party finance spokeswoman Joan Burton said: "Anglo has enough problems with banking difficulties. I cannot see how they can seriously manage a department store. If they have credible bidders they should seriously look at them. It is not a good story that they are taking on major assets like Arnotts and Quinn Insurance."Sunday Independent, Shane Ross: Anglo snubbed foreign suitors for troubled ArnottsThe pressure on Anglo to sell its interest in Arnotts is likely to intensify in coming weeks as the cost of funds to Anglo is set to rise with the spike in the cost of borrowing to the Irish Government on world bond markets.
Should Anglo entertain these foreign offers now if they are serious, or can the business be made more valuable given more time and restructuring? While I'm a sentimental soul myself and always loved Arnotts I think sentimentality has to go out the window in these exceptional times.