Sports Direct’s young fashion chain USC has been put into administration and bought by another of Sports Direct’s fascias, Republic.
Philip Duffy and Geoffrey Bouchier, managing directors of insolvency firm Duff & Phelps, were appointed joint administrators of West Coast Capital (USC) on January 13, together with Robert Palmer of the Gallagher Partnership.
Following the administration Duff & Phelps completed a going concern sale of the business and assets of USC’s stores to Republic.com Retail Limited. All stores and staff working within them have been retained and are continuing to trade.
Philip Duffy, managing director of Duff & Phelps said: “West Coast Capital (USC) Limited underwent a very successful financial restructuring process and sale; this leaves the business in a stronger position to carry on trading. We are pleased that following the process all stores continue to trade.”
The deal is believed to effect 28 USC stores. Sports Direct has around 90 USC stores, with over 1,000 employees.
As reported by Drapers last week, Sports Direct’s directors filed a notice of intention to appoint administrators to USC at the High Court on January 6.
The decision to file with the High Court’s Chancery Division was reportedly prompted by a demand from Diesel for unpaid debts.