Republic administrators launch 'massive sale' as talks with potential buyers go on
Administrators of stricken fashion chain Republic have launched a "massive discount sale" in a bid to generate cash.
The retailer, which employs around 2,500 staff at 121 stores – including 38 at the branch in Exeter High Street, collapsed into administration on Wednesday.
The administrators said all stock in store will be included in the sale, which started at 9am today, in an effort to encourage customers into the shops whilst a buyer is sought for the business and its assets as a going concern.
Joint administrator Hunter Kelly, of Ernst & Young LLP, said: "The sale is part of a twin track process to maximise the best outcome for the Republic brand.
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"Since the appointment, there have been a significant number of discussions with interested parties who are keen to acquire the business and these will continue."
Republic's predicament has been blamed on poor trading in the autumn followed by "a sudden and rapid decline in sales in late January".
A total of 150 staff at the company's head office in Leeds were made redundant this week, but it is hoped jobs at Republic stores can be saved if a new owner is found.
Mr Kelly added: "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."