Sports Direct has bought the majority of young fashion retailer Republic out of administration for an undisclosed sum.
The sportswear business, owned by Mike Ashley, has bought 116 Republic stores, all of the stock and Republic’s website and own brands including SoulCal, Fabric and Crafted.
There had been mounting speculation about a deal this week, with rumours that Sports Direct could acquire the stock. Earlier this week Mike Ashley sold £100m worth of shares in Sports Direct, with Ashley’s company Mash Holdings off-loading 25 million shares.
In rescuing the majority of the business 2,100 roles will be saved.
Joint 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 (Retail) Limited, 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.”