Sports Direct, the sports and fashion retailer, has confirmed the acquisition of 114 of the 121 stores of fashion retailer Republic. This is excellent news for all the staff and it is expected that 1,500 jobs will be saved. In addition all the stock and the website of Republic is also part of the deal.
Republic was owned by private equity firm TPG which purchased the chain in 2010 for £300m
The latest deal sees Sports direct add to its current estate of 400 stores. Earlier last year it bought a number of JJB Sports stores.
Sports Direct was founded in 1982, listed on the London Stock Exchange in 2007 and is a constituent of the FTSE 250.
This goes to show that for some retailers there is over capacity and for others there is an opportunity. Many HMV stores are still trading with Hilco looking to rescue a chunk of the company.
This news comes on the same day as PWC published a report that found a reduction of nearly 1,800 shops for the whole of 2012, a 10-fold increase on the year before. Much of this was due to companies shedding stores as the leases came up for renewal. But retailer collapses have certainly played their part.
For more information on how to close down stores see our retailer pages