Sports Direct acquires Republic assets

Click to follow
The Independent Online

Sports Direct has added to its growing fashion stable by acquiring the fashion retailer Republic's 114 stores and its brands, safeguarding more than 2,000 jobs.

The UK's biggest sportswear group, which is controlled by Newcastle United's owner Mike Ashley, also bagged the Firetrap and Full Circle brands last year to beef up its clothing offer.

Founded in 1986, Republic had 120 stores when it collapsed into administration earlier this month. Its finances had deteriorated since it was acquired by the US private equity firm TPG for £300m in April 2010.

Sports Direct is on track to deliver underlying profits of £270m this year and has acquired several fashion brands recently.

The 400-store retailer bought loss-making Flannels in 2012 and the troubled fashion retailers Cruise and USC the previous year.