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.”
The director of a company set up to market a fuel-saving device has been disqualified for failing to maintain and preserve proper records
Cowgill Holloway Business Recovery has concluded the sale of assets of film distributor Metrodome to independent movie distributor 101 Films following appointment as administrators
PwC must face $1bn lawsuit over claims it provided bad accounting advice which contributed to the 2011 collapse of MF Global
HMRC filed 3,484 winding up petitions in 2015, up from the 3,074 applications filed the previous year