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By
Reuters
Published
Feb 28, 2013
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Sports Direct buys Republic stores

By
Reuters
Published
Feb 28, 2013

LONDON - Sports Direct, Britain's biggest sporting goods retailer, said on Thursday it has purchased 114 Republic stores from the administrator of the failed fashion retailer.

The firm said it has also purchased Republic's stock, its website and its brands, including SoulCal, Fabric and Crafted.

A Republic store (photo: AFP)

Financial details of the deal were not disclosed.

Sports Direct currently trades from 400 stores in Britain.

Shares in the firm have risen 42 percent over the last year, hitting a 12-month high of 452.1 pence last Friday, following an upbeat trading statement last Thursday.

The stock was up 0.8 percent at 417.5 pence at 1153 GMT, valuing the business at about 2.5 billion pounds.

On Monday founder and majority shareholder Mike Ashley sold 25 million shares, reducing his holding to 64.4 percent.

Republic went into administration on February 13.

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