Republic has appointed KPMG to help shed stores as chairman Andy Bond leaves the business.
The young fashion chain’s owner, private equity group TPG, has drafted in KPMG to advise on it restructuring to help boost profits by selling off loss-making stores.
A source told The Times that the retailer was working towards a deadline of six weeks, when the next set of rent is due.
Meanwhile Republic chairman Andy Bond has left the business after two years at the helm. Sources indicated that Bond had decided to leave back in October, but remained in place until the end of Republic’s financial year last week.
Last month Drapers revealed that Republic was understood to be looking to offload as much as 40% of its store portfolio after its plan to introduce higher-end brands failed to take off.
Sources told Drapers the retailer was considering the closure of 50 of its 120 stores to reduce costs from loss-making locations.
Yesterday the young fashion retailer shut down individual store Twitter accounts and instead told followers to follow @republicfashion for all the latest news on the store.
In its latest financial accounts sales declined by 2.3% to £177m and operating margin reduced to 2.1% (against 15% in the previous year) in the year to January 29, 2012. Pre-tax profit fell from £27.3m in the previous year to £3.2m.