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Retail Spotlight – Republic collapses into administration

 

Posted At: 13 February 2013 15:37 PM
Related Categories: Administrations, Retail, Retailers

 

Following the collapse of fashion chain Republic; we bring to you an overview of the retailer’s trading over the years and highlights of the collapse

Repulic_ShopFront
 

What is interesting to note from the history below is that Republic moved from refreshing brand mix by bolstering team, introducing new up-market brands and expansion in April 2012 to appointment of restructuring specialist and ultimately administrators in February 2013 indicating ever increasing importance of clear goals and strategy.

13th Feb 2013 - Republic collapsed into administration – putting 2,500 jobs at risk. It suffered poor trading results in autumn and rapid decline in sales in late January. Administrators Ernst & Young immediately made 150 staff at its head office redundant. Retailer was still offering vouchers for sale on its website today. Read more

6th Feb 2013 - Chairman Andy Bond left the retailer

5th Feb 2013 – Retailer appointed restructuring specialists KPMG to help it shed some of its 121 stores

25th Jan 2013 – It was rumoured that Republic was looking to offload up to 40% of its store portfolio, with the closure of 50-120 stores, in order to reduce costs from loss-making locations

18th Jan 2013 – Retailer was seeking rental concessions from its landlords across the UK - to switch from quarterly to monthly rent payments for around 120 stores

12th Oct 2012 – For the year ended 29/1/2012 - sales were £177.0m for the full year (2011 - £181.2m), driven both by stores and online sales. It made an operating profit before exceptional items of £6.1m. Financial health indicator on SnapShop shows movement from Healthy in 2007 to Very Strong in 2010 to Head Above Water in 2012 posing high risk 

Key:
P2>175 – Very Strong
P2 >150 and <175 - Healthy
P2>125 and <150 – Fairly Healthy
P2>100 and <125 – Head Above Water
P2<100 – Very Worrying

4th Oct 2012 – Retailer signed up for a 10-year lease for the 8,500sq ft unit GL11 at The Liberty Centre in Romford

10th Aug 2012 - Retailer was wooing higher-priced menswear brands as part of a move to reposition at a more premium end of the market

6th July 2012 - Republic stepped up its footwear offer with the launch of dedicated branded footwear departments in 25 of its larger stores

27th April 2012 - Savills has been appointed to advise Republic on its expansion and was understood to be looking for around five stores this year with a particular focus on the South East

16th Apr 2012 - Republic has appointed Fenwick buyer Les Dales as brand manager for external brands, replacing Scott Macrae

9th Mar 2013 - Republic’s new chief executive Paul Sweetenham plans to differentiate the fashion chain from its more sportswear-led competitors with a stronger trend-led brand mix

23rd Feb 2012 - Republic hired former TK Maxx boss Paul Sweetenham as its new chief executive

SnapShop subscribers can view more historic news, financial standing over the years, by visiting Retailer Directory here.

To stay up-to-date with retail administrations, new retailer entering UK and news please subscribe to SnapShop online at any time or register to receive information packed newsletter for 3 months.

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The opinions expressed herein are the personal opinion of the author and are not intended as statements of fact and do not represent the view of SnapShop or Pragma in any way.

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