Retailer Republic Goes Into Administration

Fashion retailer Republic has gone into administration, putting 2,500 jobs at risk.

It has already made 150 employees at the head office in Leeds redundant.

Republic began as a men's denim retailer in 1986 under the Best Jeans brand, and sells brands including Diesel, Firetrap and G-Star Raw.

The firm, which operates 121 stores across the UK with a stronger presence in the north of the country, has appointed administrators Ernst & Young to sell the business while it continues to trade.

Republic is owned by private equity firm TPG.

Hunter Kelly, head of corporate restructuring team at Ernst & Young, said: "Republic suffered poor trading results in the autumn, and whilst sales picked up in December there has been a sudden and rapid decline in sales in late January.

"The impact on cash flows has resulted in the business being unable to continue to operate outside of an insolvency process."

He added: "We will continue to trade Republic, with a view to selling the business as a going concern. The brand Republic is well recognised, particularly in the North.

"It has a powerful website offering, owns well-known brand names, and has some very attractive and profitable stores."

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