Republic goes into administration
CLOTHING chain Republic has become the latest casualty of the high street after going into administration and placing 2,500 jobs at risk across the UK.
Ernst and Young has been appointed to find a buyer for the troubled business.
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Republic in Swansea
The administrators have already announced 150 job cuts at the Leeds headquarters of the company.
Republic operates 121 stores across the UK including one in Swansea and one in Carmarthen.
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Stores will continue to trade until a buyer is found.
The business began as a men's denim retailer in 1986 under the Best Jeans brand in Leeds.
It currently offers casual fashion, under multiple brands to young adults, including Jack Jones and SoulCal.
Joint Administrator, Hunter Kelly 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. Unfortunately, it has been necessary to make 150 employees at the head office in Leeds redundant.
"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.
"We are grateful for the continued support of all employees and customers during this time, and would like to thank everyone at Republic for their commitment and hard work as the business continues to trade."
9 Comments
by chelsea1955
Wednesday, February 13 2013, 10:25PM
“shut them down and stick a charity shop there, the only shops doing well these days, well have you seen a charity shop close down”
by twinkles12
Wednesday, February 13 2013, 5:37PM
“I think they out-priced themselves offering franchises to G-Star/Diesel etc. £120 for a pair of jeans?? That money isn't in your average persons back pocket to spare these days due to the economic state, and this news is an obvious reflection of that.”
by Jiffy
Wednesday, February 13 2013, 4:23PM
“williamwaun - I'm shocked. I thought a tory man of means such as yourself would dress like a city gent wearing bespoke suits from Savile Row and shirts from Jermym Steet - instead your style icon is Worzel Gummidge. That won't get you into the funny handshake brigade, will it.”
by Neathboy234
Wednesday, February 13 2013, 3:18PM
“Jiffy it seems that immigrant1 knows it all. Who says that the English are arrogant lol”
by williamwaun
Wednesday, February 13 2013, 3:17PM
“Sign of the times. I get all my clothes from Tesco & Asda saves me a fortune.”
by Jiffy
Wednesday, February 13 2013, 3:06PM
“immigrant1 - the little businessman in Wales, who knows how to solve the all the ills of the British high street. I'm surprised you've got time to post here, when you've got all those £millions to count. Is that right, you're replacing Hilary Devey on Dragons Den ?”
by Neathboy234
Wednesday, February 13 2013, 2:05PM
“immigrant1 the British chamber of trade doesn't say that the high street is doing fine, don't tell me you know more than them. Your expertise knows no bounds lol”
by immigrant1
Wednesday, February 13 2013, 1:54PM
“Neathboy - nothing to do with the Tories. More to do with mis-managed businesses. The weak always go to the wall in bad times, because they don't plan properly. The vast majority of high street businesses are doing fine.
In any case, this financial fiasco is what Labour left us. Will take decades to sort out, whichever party is in charge. Not something that can be sorted out in a few years. UK owes over £1 trillion. Not much anyone can do about that in a few years.”
by Neathboy234
Wednesday, February 13 2013, 12:21PM
“I'm a bit too old to shop there myself, shame another one has gone thought. The Tory government will be remembered as the one that killed the high street”