Sports Direct, the low-cost sports and fashion retailer, has confirmed the acquisition of 114 stores of fashion retailer Republic (UK) and Republic (Retail) Limited.
In addition to the stores, all of the stock in the business, Republic’s website and its own brands – SoulCal, Fabric and Crafted – will be passed to Sports Direct as part of the deal.
Leeds-based Republic had operated 121 stores. It is understood that today’s announcement could mean that more than 1,500 jobs are saved as part of the deal.
Until Ernst & Young as appointed as administrator, Republic was owned by private equity firm TPG. The group purchased the company in 2010 for around £300 million.
Sports Direct is the UK’s largest sports retailer by revenue and operating profit, with approximately 400 stores across the UK.
The company’s founder, Mike Ashley, offloaded a large number of shares yesterday, making around £100m in the process and reducing his holding to around 64%.
Its portfolio includes over 20 international sport, fashion and lifestyle brands including Dunlop, Slazenger, Everlast, Lonsdale and Karrimor.
Sports Direct was founded in 1982, listed on the London Stock Exchange in 2007 and is a constituent of the FTSE 250.