CLOTHING chain Republic has become the latest casualty on the high street after appointing administrators today.
It has been confirmed that 2,500 jobs are under threat at the chain, which has 121 stores in the UK, including a store in Festival Place, Basingstoke.
Today, Hunter Kelly, John Sumpton and Alan Hudson of Ernst and Young LLP were appointed joint administrators.
Hunter Kelly 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.
"The impact on cash flows has resulted in the business being unable to continue to operate outside of an insolvency process. “Unfortunately, it has been necessary to make 150 employees at the head office in Leeds redundant.
"We will continue to trade Republic, with a view to selling the business as a going concern.
“The brand Republic is well recognised, particularly in the north. It has a powerful website offering, owns well-known brand names, and has some very attractive and profitable stores.
"We are grateful for the continued support of all employees and customers during this time, and would like to thank everyone at Republic for their commitment and hard work as the business continues to trade."
A helpline and email address for customers has been set up.
Anyone with enquiries is asked to call 0113 298 2450 or email firstname.lastname@example.org.