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.