Fri, 15 Feb 2013 | ADMINISTRATION
Fashion chain for the young, Blue Inc, is in talks to snap up about 50 Republic stores out of administration. Blue Inc’s move to rescue a good chunk of its rival’s 121 stores would save roughly 1,000 jobs.
Blue Inc, which was founded back in 1912 with the name A Levy and Son, is chaired by Sir Stuart Rose, the former boss of Marks & Spencer.
The retailer has been taking advantage of other retail failures during the downturn, with the purchase of 20 of D2 Jeans’ 29 stores out of administration last year and 46 Officers Club outlets in 2011, and has kept its branding. A further 14 Officers Clubs have been opened since then.
Blue Inc has a portfolio of over 200 shops, a large increase from the 30 it had when it was bought by its chief executive Steve Cohen six years ago. It is thought Blue Inc could be facing competition from Republic’s co-founder Carl Brewins, who left the company in 2012.
After the administrators came in to Republic on Wednesday this week, all Republic gift vouchers were suspended, and gift cards are no longer being sold.
A spokeswoman said: “It is necessary to suspend gift vouchers at this time as we assess the financial position of the company.”
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Related news:
Republic set to be next high street business in administration
Clothing maker Moreglam enters administration
Buyers sought for branches of D2 Jeans
Officers Club falls into administration again
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