Sports Direct Saves Fashion Retailer Republic

Posted on 5 March, 2013 by MOVEHUT

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.




Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Recent Posts

The latest property data has identified Newquay as the fastest property seller’s market in the UK

Investing in your garden can increase your property’s value

French Riviera temping high-end homebuyers

How can the ownership rights of my commercial property impact a business sale?

Should I incorporate virtual property viewings permanently?

Investment expected to increase across Asia-Pacific in 2021

UK property industry slows as the conclusion of tax break looms

BNP Paribas cautioned investors on Friday as debt-trading bonanza that increased its earnings this past year

Over 300,000 property purchases fell through in 2020 – we show the most frequent motives and the best way to get your house sale back on track

House Prices in the Capital Surpass £500,000

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants

BA cuts 12,000 jobs, unions hit back

Media Streaming Service See Record Subscriptions

Covid-19 Causes Millions To Claim UK Furlough Scheme