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Sports Direct buys Republic

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.”

Readers' comments (6)

  • I'm pleased for the 2100 employees but another fascia in the Ashley stable? It's now all becoming a bit like Ashley vs JD vs The Rest.

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  • Congratulations, glad it's been saved......

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  • now we shall see what happens.
    Cruise
    Van Milbert
    Flannels
    Republic
    House of Fraser???

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  • The jobs that are saved are only temporary. Republic as a business model did and does not work. Something has to change to make it viable again and one of those is making redundancies and shop closures.

    The power of Sports Direct is a worry. There is so little money out there that anything that comes available has very few suitors, usually SD and J.D. My guess is that Ashely has bought the chain very cheaply and will look to offload stores for a profit when things improve.

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  • It'll be interesting to see how this one plays out.

    Will Ashley nuke the old stock/brands via Sports Direct and then revamp the stores with new prodcuts and brands? The first big foray into the "high fashion" market for Ashley - next stop HOF!

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  • this is truly frightening - where's the competition gone? This is effectively being wiped out by our version of Murdoch.

    he buys brands and simply places them in own stores - what about everyone else???

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