49 jobs lost as Republic fashion stores to close
Two Irish stores operated by the Republic fashion chain are to close with the loss of 49 jobs.
The joint administrators for Republic Fashion (ROI) Ltd announced yesterday that stores in Liffey Valley and Blanchardstown would not be part of a rescue of the wider group.
The UK retailer was acquired yesterday by Sports Direct for an undisclosed sum.
Sports Direct is controlled by businessman Mike Ashley, who also owns English football club Newcastle United.
Administrators for Republic said this would safeguard more than 2,100 jobs in Britain and secure a future for the brand.
However, the two Dublin shops were not part of this deal.
Republic was owned by private equity firm TPG, which bought the company in 2010 in a deal thought to be worth about £300 million.
Ironically, the Irish business appears to have been trading profitably.
Accounts for the year to the end of January 2012 show that the Irish business made a pre-tax profit of €129,000 on turnover of €4.2 million.
In the 11 months to the end of January 2011, the company had recorded an operating profit of €530,000 on turnover of €2.75 million.
The directors stated that they expected the retail climate to remain “extremely challenging” but they were “confident” in the strategy being pursued by its parent company.
The Irish company was incorporated in February 2010.
Employees here have been told they will be offered “appropriate support” through the redundancy process.