Fashion retailer Republic has appointed restructuring specialists KPMG as it looks to decrease its store portfolio, it has been announced.

Private equity firm TPG has appointed the company following the departure of Chairman Andy Bond last week as it looks to increase profitability through a consolidation strategy, Retail Gazette understands.

TPG acquired the youth fashion brand in June 2010 for £300 million and injected funds into the retailer as it continued to grow despite the recession.

However, Republic is now in ongoing talks with experts at KPMG as it seeks to become more profitable in a challenging market and maintain its place on the evolving high street.

Yesterday, the retailer closed down its store‘s Twitter accounts, creating speculation of redundancies following last week‘s furore when a just-fired worker at entertainment retailer HMV took to the social networking site to air her anger.

However, Retail Gazette understands that the talks are ongoing as the retailer works to maintain its 1,600-strong workforce.

Both KPMG and Republic declined to comment.