Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Republic drafts in KPMG as Andy Bond departs

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.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.