
TPG-backed retailer Republic enters administration
British clothing retailer Republic, owned by TPG Capital, has appointed Ernst & Young as its administrator.
Republic is a Leeds-based company, employing 1,600 people in 121 outlets across the UK. In 2011, the company's profits slumped by 86%, falling to £3.7m.
TPG acquired the business in June 2010 for £300m from Change Capital Partners. Rotshschild led the auction, while Lloyds TSB provided debt financing for the transaction. Prior to Change Capital Partners, Republic was owned by 3i. In 2009, the company recorded £200m in revenues with £30m EBITDA.
Republic joins the likes of HMV and Blockbuster, which went into administration in January as the British highstreet struggles to recover from poor Christmas sales and increasing competition online.
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