Sports Direct buys out ailing high street chain Republic
Sports Direct has announced the acquisition of the business and assets of troubled retailer Republic, saving more than 2,100 jobs.
The sale includes the brand, over 110 UK stores and the head office in Leeds, though a number of staff have already been made redundant from the retail chain’s HQ. Sports Direct will also lay claim to business stock, the Republic website and own brands including SoulCal, Fabric and Crafted.
“In what has been a very challenging time and volatile climate for retailers, it is particularly pleasing to have completed the successful sale of Republic (Retail) Limited, saving 2,100 jobs across the UK high street and at its Leeds-based headquarters,” commented joint administrator Hunter Kelly of Ernst & Young.
A subsidiary of Sportsdirect.com has purchased the Yorkshire-based business which went into administration earlier in the month.
Kelly continued: “The brand Republic is well recognised and well respected by customers for offering quality, high fashion goods and it is a testament to its strength that Sports Direct has made this investment to secure its future and high street presence.
“We are extremely grateful for the support and loyalty showed by all employees and customers during what has been an uncertain time, and would like to thank everyone at Republic for their commitment and hard work during the Administration process.”