Republic clothing chain is in administration
IT has been confirmed today that 2,500 jobs are under threat at Leeds-based clothing chain Republic, which has a store in Grimsby's Freshney Place.
As reported in your Grimsby Telegraph today, rumours about the future of the company - which has 121 stores across the UK - were circulating last night.
Today, Hunter Kelly, John Sumpton and Alan Hudson of Ernst and Young LLP were appointed Joint Administrators Republic (UK) Ltd and Republic (Retail) Limited.
The business started as a men's denim retailer in 1986 under the Best Jeans brand in Leeds, West Yorkshire, before expanding into the current chain of casual fashion, selling brands including Jack Jones and SoulCal.
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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."
A helpline and email address for customers has been set up. Anyone with enquiries is asked to call 0113 298 2450 or email email@example.com.
Keep checking your Grimsby Telegraph for updates.