ERNST & YOUNG administrators have been called to fashion retailer Republic.
Hunter Kelly, (pictured) John Sumpton and Alan Hudson were appointed joint administrators of Republic (UK) Ltd and Republic (Retail) Limited on 13 February.
Republic is headquartered in Leeds, and is aimed at the youth market selling brands such as French Connection, Diesel, Levi’s and Converse. It currently operates 121 stores and employs about 2,500 people. However, 150 employees at the company’s head office have been made redundant.
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.”
FRP Advisory sells business and assets of Harland Machine Systems Limited to Accraply Europe Limited
Manufacturer DMG Steelworkers has been sold out of administration in a pre-pack deal by insolvency and restructuring firm CVR Global
By threatening creditor returns, the government could undermine the UK’s World Bank insolvency ranking and cost creditors £8m a year, trade body R3 warms
Lee De’ath and Richard Toone, partners at CVR Global, were appointed joint-administrators of Lexden Centre (Oxford) Limited, trading as Colchester English Study Centre (CESC), on 29 June 2016