E&Y administrators save 2,100 jobs at Republic
Administrators manage to save 2,100 jobs through sale of stores to sportsdirect.com retail
ERNST & YOUNG administrators have managed to sell the business and the assets to a subsidiary of sportsdirect.com retail, saving 2,100 jobs.
Hunter Kelly, (pictured) John Sumpton and Alan Hudson, from Ernst & Young, were appointed joint administrators of Republic (UK) Ltd and Republic (Retail) Limited on 13 February.
The sale of the business includes 116 stores and the Leeds-based head office.
Kelly said: “In what has been a very challenging time and volatile climate for retailers, it is particularly pleasing to have completed the successful.
“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.
Republic is aimed at the youth market selling brands such as French Connection, Diesel, Levi’s and Converse. At the time of collapse it operated 121 stores and employed about 2,500 people.
During the course of the administration five store closures were announced in Scotland and 150 staff at the head office were made redundant – leaving about 50 employees at HQ.