Overcast

Overcast

max temp: 7°C

min temp: 3°C

Search

Suffolk/Essex: Jobs saved as Sports Direct acquires Republic stores

17:12 28 February 2013

The Republic store  in Ipswich

The Republic store in Ipswich

Archant

MORE than 2,100 jobs, including nearly 50 in Suffolk and north Essex, have been saved at fashion retailer Republic after the sale by its administrators of 116 stores to Sports Direct International.

shares

The Sports World group, founded by Newcastle United FC owner Mike Ashley, has also taken over the stock, along with the group’s head office in Leeds and its websites and brands SoulCal, Fabric and Crafted.

The deal, the value of which has not been disclosed, comes after Republic called in administrators from Ernst & Young earlier this month.

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, 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.”

Among the Republic stores saved are those in Ipswich (which has 12 employees), Colchester (23) and Chelmsford (14). The only branches not transferring to Sports Direct are five in Scotland which have already been closed.

Around 250 jobs have been lost as a result of Republic’s collapse into administration, including nearly 100 at the five stores closed and 150 staff made redundant by the administrators at the group’s headquarters.

Following their appointment earlier this month, the administrators said that Republic, which started as a men’s denim retailer in 1986 under the Best Jeans brand, had been hit by a “sudden and rapid decline” in sales at the end of January, following a pick-up in sales in the run-up to Christmas after after poor trading results during the autumn.

Republic, which targets the competitive youth fashion market, sells brands including Jack Jones, SoulCal, Diesel and Firetrap.

It was bought by private equity firm TPG in June 2010 in a deal worth around £300million, with the founders understood to have retained a significant stake.

shares

0 comments

The cocktails and celebration evening for three-year-old George Woodward, at Trinity Park, Ipswich

The final event to raise funds for a young boy from Ipswich suffering from a rare and debilitating condition has smashed its fundraising target.

Sycamore Close, Ipswich

A man who brandished an axe when baliffs came to his Ipswich home to collect a court debt has been jailed.

Burglary at Palmerston Road, Ipswich

Thousands of pounds worth of jewellery, including an engagement ring and a family heirloom, were stolen from the home of a young Ipswich family.

Inside the cannabis factory in Powling Road which Shefget Marku tended

An illegal immigrant who was found in an Ipswich house which had been turned into a cannabis factory has been jailed for eight months.

The Riverside, Woodbridge.

Neil McGlone has pulled off quite a coup. He has utilised his impressive list of Hollywood contacts from working in the film industry and put together a programme of events for the Riverside in Woodbridge, which will kick off with a talk from multi-award winning director Mike Leigh.

Photo of Holywells Park, taken by drone pilot David Mortimer

A series of three weekend-long music events are set to be staged in Ipswich this year – each conceived by the organiser of a town-wide annual arts festival in Woodbridge.

Nitro Circus in action. Photo: Mark Watson

Strap in Ipswich, you’re in for a wild ride when Travis Pastrana’s world famous Nitro Circus Live lands at Foxhall Stadium this summer.

Tim Mason.

Tributes have been paid to Mr Mason following his death. He worked “passionately” to help homeless people and those with learning difficulties, and helped convince the Government to reinstate a life-extending cancer drug. He was 58.

Please help find this stolen BMX for Ipswich resident Jamie Hayward. Pic: Jamie Hayward.

People in Ipswich have been urged to help find a BMX stolen from a retail park.

1968 file picture of an annual rally of Cub Scouts from Ipswich, Woodbridge and Felixstowe held at the Hallowtree Camping Site.  The picture shows the County Commissioner for Suffolk Mr J D Pearce, with some of the cubs.

Cub packs across Suffolk will be marking the organisation’s 100 year anniversary in 2016 – and we are looking for your memories and pictures.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Great British Life

Great British Life
MyDate24 MyPhotos24