Retailer Republic Goes Into Administration

[michael21]

http://news.sky.com/story/1051145/sky-sources-republic-close-to-collapse

more job lose sad news for some

[michael21]

http://news.sky.com/story/1051589/retailer-republic-goes-into-administration


Fashion retailer Republic has gone into administration, putting 2,500 jobs at risk.

It has already made 150 employees at the head office in Leeds redundant.

The firm, which operates 121 stores across the UK with a stronger presence in the north of the country, has appointed administrators Ernst & Young to sell the business while it continues to trade.

So-called onesies were popular at Christmas
Republic is owned by private equity firm TPG.

The investment firm's website still promotes Republic as "one of the United Kingdom's top young adult fashion retailers".

Staff tweeted a message after the move to administration.

It said: "Sadly #Republic is now in the hands of Administrators. We did all we could but it's simply too tough out there. Thanks for your support."

On Tuesday, Sky News City Editor Mark Kleinman revealed the retailer was poised to enter administration.

But hours later it still promoted itself as a viable concern with a tweet about its all-in-one outfits.

The tweet said: "We are indeed your one stop Onesie shop. And if you play our #RepublicRomance game you can get 10% off."

Hunter Kelly, head of corporate restructuring team at Ernst & Young, said: "Republic suffered poor trading results in the autumn, and whilst sales picked up in December there has been a sudden and rapid decline in sales in late January.

"The impact on cash flows has resulted in the business being unable to continue to operate outside of an insolvency process."

Republic began as a men's denim retailer in 1986 under the Best Jeans brand, and sells brands including Diesel, Firetrap and G-Star Raw.

Republic's demise is the latest in a string of British high street casualties in the last six months.

[Jarrod]

:idc: Ridiculous prices for clothing.

[Kazanne]

I like Republic clothing,what a shame they are going aswell.

[michael21]

http://news.sky.com/story/1051639/blockbuster-to-close-164-high-street-stores

Blockbuster will shut 164 additional stores over the coming weeks as part of a "phased closure", its has been confirmed.

Administrators from Deloitte said the closures were part of an ongoing portfolio review and discussion with landlords and "interested parties".

Joint administrator Lee Manning said: “We have continued to review the performance of individual stores since our appointment a month ago and have concluded that further closures are necessary in order to restructure the company for sale.

"We would like to thank the company’s employees for their support and professionalism during this difficult time and we are also grateful for the continued support of customers."

The remaining stores will continue to trade as usual whilst administrators progress negotiations with bidders.

More follows...

[Ammi]

..Republic is a shop I hate going into..it's so squashed together and not very well set out...it's a shame though to hear of another high street store in trouble...when I was walking through town at the weekend, I wondered if there would ever be a time when there are no shops left and people could only shop online..and what would happen to all the buildings...

[michael21]

There were 528 Blockbuster stores when it went into administration; 204 now remain.

good job i am on top of the breaking news

[arista]

http://www.thisisbigbrother.com/forums/showthread.php?t=219318

Blockbuster thread here long time before you

[michael21]

..Republic is a shop I hate going into..it's so squashed together and not very well set out...it's a shame though to hear of another high street store in trouble...when I was walking through town at the weekend, I wondered if there would ever be a time when there are no shops left and people could only shop online..and what would happen to all the buildings...

it does look like online we kill the hight street but i think that still 10-20 years away

[michael21]

I like Republic clothing,what a shame they are going aswell.

there still time from some or all stores to be saved

[Shaun]

Not really a fan of Republic, the music's always obnoxiously loud and the pricing's a bit much... nice clothes though. Still, not going to pretend this is good news.

[bbfan1991]

http://www.bbc.co.uk/news/business-21442301

I hope they don't go bust because I actually like some of their clothes:blush::).

[arista]

Posted Already

[lostalex]

Never heard of it. They can put an Express in there, no problems.

[Jords]

Republic :sad: