Leading high street sports retailer, Sports Direct purchased the struggling fashion retailer, Republic for an undisclosed amount on the 28th February.
The deal will save 114 of the 121 commercial properties and secure over 2,000 jobs. Sports Direct will also take over all of Republic’s stock and website as well as their own clothing labels which include: Crafted, Fabric and SoulCal.
Republic, which was originally launched in 1986, was owned by TPG which bought the company for £300 million in 2010. They entered administration around two weeks ago and were in the hands of Ernst & Young who were acting as joint administrators to the company.
Speaking of the deal with Sports Direct, Hunter Kelly from Ernst & Young, said: “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.
“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.”
Sports Direct currently has 395 stores in its portfolio and stocks well-known brands including: Nike, Puma and Reebok. They also own brands which include Dunlop, Kangol, Lonsdale and Slazenger.
Following the deal, Sports Direct plans to publish a Pre-close update at the end of April and will announce Preliminary Results on the 18th July 2013.
The saving of Republic is the first good news for a firm that has entered administration in 2013 as HMV, Jessops and Blockbuster are still awaiting a saviour prepared to retain the majority of their stores.
