Partly Cloudy

Partly Cloudy

max temp: 29°C

min temp: 17°C

ESTD 1874 Search

Suffolk/Essex: Jobs saved as Sports Direct acquires Republic stores

17:12 28 February 2013

The Republic store  in Ipswich

The Republic store in Ipswich

Archant

MORE than 2,100 jobs, including nearly 50 in Suffolk and north Essex, have been saved at fashion retailer Republic after the sale by its administrators of 116 stores to Sports Direct International.

The Sports World group, founded by Newcastle United FC owner Mike Ashley, has also taken over the stock, along with the group’s head office in Leeds and its websites and brands SoulCal, Fabric and Crafted.

The deal, the value of which has not been disclosed, comes after Republic called in administrators from Ernst & Young earlier this month.

Administrator Hunter 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, 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.”

Among the Republic stores saved are those in Ipswich (which has 12 employees), Colchester (23) and Chelmsford (14). The only branches not transferring to Sports Direct are five in Scotland which have already been closed.

Around 250 jobs have been lost as a result of Republic’s collapse into administration, including nearly 100 at the five stores closed and 150 staff made redundant by the administrators at the group’s headquarters.

Following their appointment earlier this month, the administrators said that Republic, which started as a men’s denim retailer in 1986 under the Best Jeans brand, had been hit by a “sudden and rapid decline” in sales at the end of January, following a pick-up in sales in the run-up to Christmas after after poor trading results during the autumn.

Republic, which targets the competitive youth fashion market, sells brands including Jack Jones, SoulCal, Diesel and Firetrap.

It was bought by private equity firm TPG in June 2010 in a deal worth around £300million, with the founders understood to have retained a significant stake.

Search hundreds of local jobs at Jobs24

0 comments

New Ipswich Audi dealership is taking shape

New Audi dealership at Futura Park takes shape

Alex Pattenden, managing director of Unity Online.

Suffolk digital marketing company Unity Media Eastern has rebranded to become Unity Online, in a move designed to help it to meeting growing demand from the small and medium-sized enterprises (SME) sector.

A MRS grab at the Port of King's Lynn, similar to five which have been purchased by Associated British Ports for use at the Port of Ipswich.

Associated British Ports (ABP)has invested more than £160,000 in five new MRS cargo handling grabs for the Port of Ipswich, to help handle an increase in the trade of dry bulk materials.

The launch of the Suffolk Black Minority Ethnic Business Awards at the University of Suffolk, which will also host the awards ceremony in October.

The inaugural Suffolk BME Business Awards, recognising enterprise within the county’s black and minority ethnic communities, are now open for entries.

Melissa Abbott of Muntons who has been appointed national vice chairman of the Brewing, Food & Beverage Industry supplier’s' association (BFBi).

Melissa Abbott has been appointed national vice chairman of the Brewing, Food & Beverage Industry suppliers’ association (BFBi), the first time this role has been held by a woman.

HOT JOBS

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24