Sports products & clothing retailer Sports Direct has today announced its acquisition of youth fashion retailer Republic following its collapse into administration earlier this month.
The sale, agreed for an undisclosed sum, includes the brand, 114 stores as well as the retailer‘s head office in Leeds and has saved more than 2,100 jobs across the country.
Ernst & Young‘s Joint Administrator Kelly 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 (Retail) Limited, 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.”
Republic was the latest retailer to call in administrators and follows Jessops and HMV in being saved by a fellow high street retailer, after grocer Morrisons announced its acquisition of 49 Blockbuster stores, seven Jessops stores and six HMV stores.
Yesterday, Sports Direct announced that Founder Mike Ashley had sold £100 million of shares in the company, selling 25 million share for £4 per share while retaining 64.4 per cent of the business.
Kelly concluded: “We are extremely grateful for the support and loyalty showed by all employees and customers during what has been an uncertain time, and would like to thank everyone at Republic for their commitment and hard work during the administration process.”