Grimsby's Republic store snapped up in Sports Direct buy out
IT has been confirmed today that Grimsby's Freshney Place branch of clothing chain Republic is among 116 to have been snapped up in a buy out deal with a subsidiary of Sportsdirect.com Retail Limited.
As reported, the Leeds-based chain of 121 UK stores went into administration on Wednesday, February 13, putting 2,500 jobs under threat.
However, today, joint administrators Hunter Kelly, John Sumpton and Alan Hudson of Ernst and Young LLP revealed the brand, 116 stores and the head office in Leeds had been sold on for an undisclosed sum, securing 2,100 jobs.
Joint Administrator, Hunter Kelly said: "In what has been a very challenging time and volatile climate for retailers, it is particularly pleasing to have completed the successful sale of Republic (Retail) Limited, saving 2,100 jobs across the UK high street and at its Leeds-based headquarters.
"The brand Republic is well recognised and well respected by customers for offering quality, high fashion goods and it is a testament to its strength that Sports Direct has made this investment to secure its future and high street presence.
"We are extremely grateful for the support and loyalty showed by all employees and customers during what has been an uncertain time, and would like to thank everyone at Republic for their commitment and hard work during the administration process."