LONDON Feb 13 British fashion retailer Republic
became the latest casualty of the economic downturn on
Wednesday, seeking protection from creditors and putting around
2,500 jobs at risk.
The firm, which operates 121 stores across the UK with a
stronger presence in the north of the country, has appointed
administrators Ernst & Young to sell the business while it
continues to trade.
Republic is owned by private equity firm TPG.
Ernst & Young said the retailer had been hit by poor autumn
trading and a rapid decline in sales in late January. It has
made 150 staff at Republic's head office redundant.
Republic's demise is the latest in a string of British high
street casualties this year. Music and entertainment retailer
HMV, DVD rental firm Blockbuster and camera specialist
Jessops have all gone into administration.