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."
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.