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Clothes firm Republic enters administration
1:26pm Wednesday 13th February 2013 in News
Fashion retailer Republic are the latest high street store to enter administration, putting 2,500 jobs at risk.
The company, which has a store in the Bentall Centre in Kingston, called in administrators Ernst & Young after a day of speculation yesterday.
Already, 150 employees at the company's head office in Leeds have been made redundant.
In a statement, joint administrator Hunter Kelly 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. Unfortunately, it has been necessary to make 150 employees at the head office in Leeds redundant.
“We will continue to trade Republic, with a view to selling the business as a going concern. The brand Republic is well recognised, particularly in the North. It has a powerful website offering, owns well-known brand names, and has some very attractive and profitable stores.
“We are grateful for the continued support of all employees and customers during this time, and would like to thank everyone at Republic for their commitment and hard work as the business continues to trade.”
Ernst & Young has set up a helpline and e-mail address for customer enquiries. Call 0113 298 2450 or email email@example.com