Sports Direct to close 20 Republic stores
Sports Direct is to close 20 of its newly acquired Republic stores after two of its landlords rejected a proposal to reduce rents.
Sports Direct had asked landlords to cut the rent on Republic stores to 15% of the store’s turnover or to halve the current rent, business rates and service charges as part of plans to restructure the business.
According to the Daily Telegraph, more than 75% of landlords agreed to the proposals but Land Securities and Intu both rejected the plans.
Sports Direct said the 500 staff affected by the closures will be redeployed in its Sports Direct and USC stores. It is understood that around 80 Republic stores will continue to operate as normal.
Never Miss a Retail Update!A Sports Direct spokesperson told the Daily Telegraph: “We are pleased that so many landlords have agreed to our proposal and that the Republic brand can remain on the high street.
“We are disappointed that certain landlords have not had any flexibility towards our proposals, putting nearly 500 jobs at risk. However, we are determined that these colleagues will be absorbed into the USC, Republic and Sports Direct networks.”
