Sports Direct buys fashion chain Republic out of administration

 
Kasmira Jefford
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SPORTS Direct yesterday snapped up the collapsed fashion chain Republic from administrators, safeguarding 2,100 jobs.

Ernst & Young said the sports retail empire controlled by Mike Ashley has acquired 116 of Republic’s stores, its headquarters in Leeds as well as the bulk of its stock and own brands, including SoulCaland Crafted.

However, seven stores are expected to close and 400 staff made redundant. The value of the deal was not disclosed.

Republic, entered administration earlier this month after sales declined amid fierce competition and weak demand, particularly among young consumers.

Ernst & Young joint administrator Hunter Kelly said: “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.”