16:58 13 February 2013
Republic, the fashion group based in Leeds, northern England, has confirmed it has fallen into administration. The company has appointed Ernst and Young as its administrators.
The retailer, which has over 120 stores, has said it will maintain business although there are concerns over staff redundancies. Based on reports, 150 members of staff have already been made redundant.
The news on Republic’s administration comes following poor trading figures from late last year, as well as the business suffering from a drop in sales in January 2013.
The firm TPG purchased the chain almost three years ago. Republic, which is well-known in the North of England, first opened its doors in the 1980s.
In other retail news, entertainment group Blockbuster have plans to close over 160 of its stores, it emerged on Wednesday. This follows its recent collapse into administration last month.
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