Mike Ashley's fast fashion retailer USC has been bought out of administration by... Mike Ashley's fast fashion retailer Republic.
A notice of intention to put USC, which was bought out by Sports Direct in 2011, into administration was filed last week, with the threat that the company's 90 stores would shut, putting hundreds of jobs at risk. The move is thought to have been prompted by a request for payment from fashion label Diesel.
Duff & Phelps was brought in to act as administrators, with managing directors Philip Duffy and Geoffrey Bouchier overseeing the move alongside Robert Palmer of The Gallagher Partnership.
Today the firm announced that it had been bought as a going concern by Republic.com Retail Limited.
In taking this action, all stores and staff working within them have been retained and are continuing to trade.
Duffy said: “West Coast Capital (USC) Limited underwent a very successful financial restructuring process and sale; this leaves the business in a stronger position to carry on trading. We are pleased that following the process all stores continue to trade.”
Republic itself entered administration in 2013, before being bought by Sports Direct, and it was later merged with USC.