Republic rumoured to be the next high street casualty
Youth fashion chain Republic is being widely reported as the next high street chain to enter administration this year.
If the Yorkshire-based chain does enter administration it will be the fifth casualty of the year so far following Jessops, HMV, Blockbuster and Gio Goi.
The chain has 121 stores nationwide with around 1,000 staff and a head office based in Leeds. Reports suggest Republic could enter administration as soon as tomorrow (Wednesday 13 February) with Ernst & Young likely to be appointed.
The stores target market is young adults selling brands including G-Star, Diesel and Firetrap; poor trading is the likely cause of the stores demise.
Just 12 months ago former TK Maxx boss Paul Sweetenham was brought on board as its new chief executive after co-founder Tim Whitworth stepped back from the day-to-day running of the business after 10 years.
Republic is owned by private equity group TPG who bought the company in June 2010 in a deal which valued the retailer at around £300 million. The US-based buyout firm has injected capital into the ailing retailer twice since the takeover, with £20 million invested in 2012 alone.