E&Y steps in as fashion chain Republic folds

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Fashion outlet Republic has become the latest victim on the high street today as the chain collapsed into administration and Ernst & Young stepped in.

The insolvency follows a worrying trend that has seen major retailers such as HMVJessops and Blockbuster collapse in the last month alone.

Administrators at Ernst & Young have taken over the running of the firm and have already made 150 staff at the firm's Leeds headquarters redundant.

The clothing chain, which includes121 stores and 2,500 staff, will continue to be open for business with E&Y hoping to sell it as a going concern.

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