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.
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.
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."