UPDATED: Republic close to collapse (From Bournemouth Echo)
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UPDATED: Republic close to collapse
3:09pm Tuesday 12th February 2013 in News
Fashion chain Republic, which has a store in Bournemouth town centre, is reported to be calling in administrators tomorrow, putting 1,000 jobs at risk.
The group has already lined up Ernst & Young to handle the administration, according to reports.
Republic, which is owned by private equity firm TPG, started in Leeds as a men's denim retailer in 1986 and now has around 120 stores selling mens and womenswear brands including G-Star, Diesel and Firetrap.
Its woes follow a bleak start to the year for the retail sector, with a series of high-profile firms having hit the wall.
Thousands of jobs have been axed after music retailer HMV, camera group Jessops and DVD and games rental group Blockbuster called in administrators last month.
It is understood that Republic has suffered amid poor trading in recent months, given the recent consumer spending pressures and its focus on the north of England - an area that has been hit particularly badly by the recession.
Chairman Andy Bond, a former Asda boss, is said to have stepped down last week after less than two years.
The chain recently hired ex-TK Maxx boss Paul Sweetenham as chief executive.
TPG bought Republic in June 2010 in a deal worth around £300 million, with the founders understood to have retained a significant stake.
E&Y and Republic declined to comment.
Comments(2)
bbird
says...
8:24pm Tue 12 Feb 13
Internet shopping, Primark, out of town malls, supermarkets have all impacted on the High Street. But as our nearest decent mall is Southampton, our High Street still has a good chance of survival.
We need a better mix of good shops (missing for me: John Lewis & Uniqlo, individual classy clothes shops, an 'artisan' bread shop, a good Italian deli, a greengrocer with local farm vegetables, and a deli **** cafe/canteen for light lunch -- Carluccio better than nothing).
And we need to rid the centre of undesireables, get some decent restaurants and cafes with outside terraces, enhance the square rather than bring in tacky fake markets and boozer bars.
Why create 'Quarters' ... Student Quarters, Art Quarters, Restaurant & Cafe Quarters, Pub & Disco Quarters, Town Centre Shops, Westover Shops, the Victorian Quarter... Not forgetting the Boscombe/Southbourne 'Portobello Quarter' (for want of better names). With attractive sign posting this could really enhance the town. And it would be lovely to have one pedestrianised alleyway with small restaurants and cafes.
My imagination is running away ... But there is still time to make Bournemouth special and encourage tourists from a abroad. (Forgot we would need some decent hotels then!)
The Renegade Master says...
5:51pm Tue 12 Feb 13
Will the last shop to close in Bournemouth town centre please turn the lights when you go. Thanks.
Oh and Bournemouth Council, make sure you keep those parking charges sky high ok. You know it's helping those businesses, right?
Idiots.