Republic bust

[armaghniac]

Times are Hard!



The Republic fashion chain has collapsed into administration – putting 2,500 jobs at risk.

The Leeds-based company, which has 121 stores and employs 2,500 people, appointed Ernst & Young as administrators on Wednesday and immediately made 150 staff at its head office redundant.

It is the latest in a long list of retail failures since Christmas, including Jessops, HMV and Blockbuster, with the total loss of up to 10,000 jobs.

Hunter Kelly, one of the administrators appointed by E&Y, said Republic had suffered from a "very 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," he said.

Kelly said Republic would continue to trade "with a view to selling the business as a going concern".