Exeter jobs saved as Republic fashion chain bought by Sports Direct

The Republic fashion chain has been purchased by Sports Direct for an undisclosed sum, saving 38 jobs in the Exeter branch and over 2,100 jobs across the UK.

The announcement comes two weeks after Republic went into administration following a weak January sales period.

Sports Direct has bought 116 Republic stores, the brand name, its head office in Leeds and all Republic's stock. The business began as a men's denim retailer in 1986 under the Best Jeans brand in Leeds. It currently offers casual fashion, under multiple brands to young adults, including Jack Jones and SoulCal.

Hunter Kelly, joint administrator from accountancy group Ernst & Young, said: "The brand Republic is well recognised and well respected by customers for offering quality, high-fashion goods and it is a testament to its strength that Sports Direct has made this investment to secure its future and High Street presence.

"We are extremely grateful for the support and loyalty showed by all employees and customers during what has been an uncertain time, and would like to thank everyone at Republic for their commitment and hard work during the administration process."

Republic was owned by private equity firm TPG, which bought the company in 2010 in a deal thought to be worth about £300m.

The chain has been criticised for its fast-paced expansion over recent years, with analysts arguing that TPG should have instead concentrated on boosting its profitability.