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Future of Republic stores to be decided this week

The future of Republic’s 110 stores will be decided this week as the deadline looms for landlords to accept or reject rent reduction terms.

As reported last month the stores may close by the end of June unless 75% of landlords agree to new terms set out by Republic’s new owner Sports Direct.

In a letter seen by Drapers’ sister magazine Retail Week, Sports Direct chief executive Dave Forsey outlined improved terms for landlords from those the sports giant demanded in March, but warned the support of a majority of landlords is essential if the Republic format is to have a future.

Landlords have until May 31 to accept either a rent reductions of 50% or 15% of turnover from each Republic store.

The retailer, which employs 2,100 people across 110 stores, was snapped up by Sports Direct in February after falling into administration.

Readers' comments (2)

  • Great precedent for the high street if the landlords agree.
    Tough decision for them. How many 5,000 sq ft charity shops are there?

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  • Why can't Republic be run like a proper business and pay its rent like everybody else? Why should the landlords suffer because of inept management?

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