Sports Direct snaps up Republic and saves over 2000 jobs
Over 2000 jobs have been saved, as high street fashion retailer Republic has been bought by the Sports World Group.
Leeds based retailer Republic went into administration in mid-February after suffering poor sales.
The Sports World group, who also own Sports Direct and sporting brands Slazenger, Dunlop and Lonsdale, have bought Republic for an undisclosed fee.
The new deal came after administrators Ernst & Young closed 5 Republic stores in Scotland resulting in the loss of 105 jobs, as well as another 150 jobs axed in Leeds. Republic is mainly focused in the north of England, where the recession has hit particularly hard.
Republic was launched in 1986, and was bought by TPG in 2010 for £300 million. Republic’s head office is based in Leeds, and its brands include SoulCal, Fabric and Crafted. The Sports World group will take on these brands as well as their current website.
This deal marks the latest acquisition for the Sports World Group, after scooped up twenty stores with all stock from previous rivals JJB Sports when they went into administration last year.
It comes after a hard couple of months for the retail industry, which has seen a number of famous high street stores go bust. Thousands of jobs were lost when music retailer HMV, DVD rental group Blockbuster and camera group Jessops called in the administrators in January.
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