{"id":28044,"date":"2013-02-13T23:33:06","date_gmt":"2013-02-13T22:33:06","guid":{"rendered":"http:\/\/uk.news.yahoo.com\/retailer-republic-goes-administration-112901859--finance.html"},"modified":"2013-02-13T23:33:06","modified_gmt":"2013-02-13T22:33:06","slug":"republic-in-administration-as-website-shuts","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/breaking-news\/republic-in-administration-as-website-shuts\/","title":{"rendered":"Republic In Administration As Website Shuts"},"content":{"rendered":"
\n

Fashion retailer Republic has gone into administration and closed its website, putting 2,500 jobs at risk.<\/p>\n

The normal website was replaced with a headline saying “Site Unavailable”, along with a message from the joint administrators.\u00a0<\/p>\n

Customers vented their frustration on social media outlets.<\/p>\n

The firm, which operates 121 stores across the UK with a stronger presence in the north of the country, has appointed administrators Ernst & Young to sell the business while it attempts to trade.<\/p>\n

It has already made 150 employees at the head office in Leeds.<\/p>\n

Speaking to Sky News about the Republic redundancies, Chancellor George Osborne said: “It is always very, very sad news when a retailer goes bust and people lose jobs.<\/p>\n

“We are going to work hard to make sure they have jobs to go to.”<\/p>\n

Republic is owned by private equity firm TPG.<\/p>\n

The investment firm’s website still promotes Republic<\/strong> as “one of the United Kingdom’s top young adult fashion retailers”.<\/p>\n

Staff tweeted a message after the move to administration.<\/p>\n

It said: “Sadly #Republic is now in the hands of Administrators. We did all we could but it’s simply too tough out there. Thanks for your support.”<\/p>\n

On Tuesday, Sky News City Editor Mark Kleinman revealed the retailer was poised to enter administration.<\/p>\n

But hours later it still promoted itself as a viable concern with a tweet about its all-in-one outfits.<\/p>\n

The tweet said: “We are indeed your one stop Onesie shop. And if you play our #RepublicRomance game you can get 10% off.”<\/p>\n

Hunter Kelly, head of corporate restructuring team at Ernst & Young, said: “Republic suffered poor trading results in the autumn, and whilst sales picked up in December there has been a sudden and rapid decline in sales in late January.<\/p>\n

“The impact on cash flows has resulted in the business being unable to continue to operate outside of an insolvency process.”<\/p>\n

Republic began as a men’s denim retailer in 1986 under the Best Jeans brand, and sells brands including Diesel, Firetrap and G-Star Raw.<\/p>\n

Republic’s demise is the latest in a string of British high street casualties in the last six months.<\/p>\n

Music and entertainment retailer HMV, DVD rental firm Blockbuster and camera specialist Jessops have all gone into administration this year.<\/p>\n

In October, electricals chain Comet also called in administrators.<\/p>\n

Mr Osborne is aware of the trend in retail of increasing web-based purchases and its affect on the retail sector.<\/p>\n

He told Sky: “I think you are seeing changes on our high street, a lot of clothing is sold online now so we are seeing changes in the way people shop in this country.”<\/p>\n<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

\n

Fashion retailer Republic has gone into administration and closed its website, putting 2,500 jobs at risk.<\/p>\n

The normal website was replaced with a headline saying “Site Unavailable”, along with a message from the joint administrators. <\/p>\n

Customers vented their frustration on social media outlets.<\/p>\n

The firm, which operates 121 stores across the UK with a stronger presence in the north of the country, has appointed administrators Ernst & Young to sell the business while it attempts to trade.<\/p>\n

It has already made 150 employees at the head office in Leeds.<\/p>\n

Speaking to Sky News about the Republic redundancies, Chancellor George Osborne said: “It is always very, very sad news when a retailer goes bust and people lose jobs.<\/p>\n

“We are going to work hard to make sure they have jobs to go to.”<\/p>\n

Republic is owned by private equity firm TPG.<\/p>\n

The investment firm’s website still promotes Republic<\/strong> as “one of the United Kingdom’s top young adult fashion retailers”.<\/p>\n

Staff tweeted a message after the move to administration.<\/p>\n

It said: “Sadly #Republic is now in the hands of Administrators. We did all we could but it’s simply too tough out there. Thanks for your support.”<\/p>\n

On Tuesday, Sky News City Editor Mark Kleinman revealed the retailer was poised to enter administration.<\/p>\n

But hours later it still promoted itself as a viable concern with a tweet about its all-in-one outfits.<\/p>\n

The tweet said: “We are indeed your one stop Onesie shop. And if you play our #RepublicRomance game you can get 10% off.”<\/p>\n

Hunter Kelly, head of corporate restructuring team at Ernst & Young, said: “Republic suffered poor trading results in the autumn, and whilst sales picked up in December there has been a sudden and rapid decline in sales in late January.<\/p>\n

“The impact on cash flows has resulted in the business being unable to continue to operate outside of an insolvency process.”<\/p>\n

Republic began as a men’s denim retailer in 1986 under the Best Jeans brand, and sells brands including Diesel, Firetrap and G-Star Raw.<\/p>\n

Republic’s demise is the latest in a string of British high street casualties in the last six months.<\/p>\n

Music and entertainment retailer HMV, DVD rental firm Blockbuster and camera specialist Jessops have all gone into administration this year.<\/p>\n

In October, electricals chain Comet also called in administrators.<\/p>\n

Mr Osborne is aware of the trend in retail of increasing web-based purchases and its affect on the retail sector.<\/p>\n

He told Sky: “I think you are seeing changes on our high street, a lot of clothing is sold online now so we are seeing changes in the way people shop in this country.”<\/p>\n<\/div>\n

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