In what has been a very challenging time and volatile climate for retailers, it is particularly pleasing to have completed the successful sale of Republic, saving 2,100 jobs across the UK high street and at its Leeds-based headquarters.
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.
Ernst & Young, administrator to Leeds-based group, Republic, said the that 121 stores will continue to trade while it looks for a buyer for the business.
Republic, which started as a men's denim retailer in 1986 under the Best Jeans brand in Leeds, was hit by a "sudden and rapid decline" in sales at the end of last month after poor trading results over the autumn.
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.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.