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13/02/2013
Republic Clothing Chain In Administration
Clothing chain Republic has announced it is to be placed into the hands of administrators.
Ernst & Young will now take over the running of the Leeds-based firm.
150 of the 2,500 Republic staff have already been made redundant at the company’s head office in Leeds.
Republic will continue to be open for business.
The store began as a men's denim retailer in 1986 under the Best Jeans brand.
It suffered a decline in sales at the end of last month following on from poor trading results over the autumn.
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.
"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."
(IT/GK)
Ernst & Young will now take over the running of the Leeds-based firm.
150 of the 2,500 Republic staff have already been made redundant at the company’s head office in Leeds.
Republic will continue to be open for business.
The store began as a men's denim retailer in 1986 under the Best Jeans brand.
It suffered a decline in sales at the end of last month following on from poor trading results over the autumn.
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.
"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."
(IT/GK)
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