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Redundancies made as Republic appoints administrators
ADMINISTRATORS have been appointed to fashion retailer Republic, with the loss of 150 redundancies.
Ernst & Young LLP, which was appointed this morning, said stores would continue to trade as it looked to sell the business as a going concern.
But it made 150 people who work at the retailer's head office in Leeds redundant.
Republic operates 121 stores across the UK, including one in Coney Street, York, and employs about 2,500 people.
Hunter Kelly, joint administrator, 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 customers with enquiries on 0113 298 2450 and email@example.com
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