Ernst & Young said more than ten parties are interested in buying Republic

Ernst & Young said more than ten parties are interested in buying Republic

More than ten parties have expressed interest in buying the collapsed youth fashion retailer Republic less than a week after it was forced to call in the administrators and lay off 150 employees.

"We have over ten interested parties," a spokesperson for administrators Ernst & Young told just-style today (19 February).

Sports Direct founder Mike Ashley and former Marks & Spencer boss Sir Stuart Rose are reportedly interested in the company, according to The Finance Pages.

The Leeds-based clothing chain, which was owned by private equity group TPG, fell into administration last Wednesday after suffering a rapid decline in sales.

Ernst & Young last week said it would continue to trade Republic, with a view to selling the business as a going concern. The administrators have since called in restructuring specialist Gordon Brothers to help run the business.

Republic has also launched a clearance sale in its 121 stores across the UK.