Sports Direct rescues Republic fashion chain
British retailing group Sports Direct has bought the Republic fashion chain out of administration for an undisclosed sum.
After fighting off stiff competition from Blue Inc and Matalan, the Sports Direct deal includes the acquisition of 114 Republic stores, substantially all of the stock in the business, as well as Republic's website and own brands, including SoulCal, Fabric and Crafted.
Ernst & Young, acting as administrators for Republic, said the sale would safeguard more than 2,100 jobs and secure a future for the Republic brand.
Hunter Kelly, joint administrator from Ernst & Young, said: “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.”
Two weeks ago the Leeds-based fashion chain went into administration following a prolonged period of poor sales.