UK department store plunges into liquidation after 21 years – 33 jobs at risk

A luxury department store in a major city has entered liquidation after over 20 years in business. The store, which employs 33 people, was unable to meet its debts and had net liabilities of £24.1million.

The Harvey Nichols store in Dublin has appointed John Boland and Nicholas O’Dwyer, of Grant Thornton, as provisional joint liquidators. The British chain, founded in 1831 by Benjamin Harvey, is headquartered at its flagship store in Knightsbridge, London. However, the store in the Dundrum area of Dublin, which opened in 2005, has failed to recover since the Covid-19 pandemic and stopped receiving financial support from its parent company.

Julia Goddard, the Harvey Nichols CEO, said the annual rent for the Dublin store was £905,250. According to evidence presented to the High Court, net liabilities reached £24.1 million by the end of the 2026 financial year, up from £16.6 million in 2021.

The 32,000 sq ft store opened in September 2005. It consisted of three floors and originally included a bar, cafe, restaurant and food hall.

However, the bar, restaurant and food hall later closed after reportedly losing an average of £12,800 a month. The wider store then continued to lose money during its two decades before entering liquidation last week.

If a buyer cannot be found, the liquidators will end trading at the store and protect the company’s assets. Court proceedings are set to continue on September 7.

The appointment of liquidators coincided with Fraser Group’s acquisition of the wider Harvey Nichols business. They took control of six UK stores and over 1,000 employees, the online operation, inventory and franchise agreements.

Michael Murray, chief executive officer of Frasers Group, said: “Harvey Nichols is an iconic British institution with significant potential, but it is clear meaningful change is needed.

“The turnaround will require tough choices, and we are prepared to make those decisions, even if that means a smaller business in the near term, to create a stronger and more sustainable Harvey Nichols for the long term.”