Department store Arnotts, which is struggling with debts of €300m, has confirmed changes in its board and management team.
The move comes after the EU earlier this week approved a move by Anglo Irish Bank and Ulster Bank to take control of the company.
A leading retail specialist and CEO of private equity firm Palladin Capital Group, Mark Schwartz, has been confirmed as chairman of the board.
Richard Nesbitt, who has been chairman since 2002, will stay on the board as a non-executive director, but two other non-executive directors, Keith Edelman and Michael Nesbitt, have resigned.
Another Palladin executive, Tobias Nanda, also joins the board, along with banking and financial law specialist Stephen Haughey. Mr Haughey is a former chairman of A&L Goodbody Solicitors.
Mr Schwartz also indicated that there would be a 'full review' of senior executive management at Arnotts and that changes were being considered that would reflect the renewed focus on Arnotts' trading operation.
Mr Schwartz said he could understand recent concern about Arnotts' future, but he had been struck by the strength of its brand and its potential for future growth. 'I and my colleagues are here to grow this business, not shrink it,' he said.
Arnotts generated debts arising from a proposed €750m redevelopment of the 5.5 acre area surrounding the store. The 'Northern Quarter' development was to include a shopping, entertainment and residential district.
