High street hell: Republic set for administration

2013 is set to be the year of hell for the British High Street, as fashion retailer Republic has joined the high-profile names to go bust this year. The youth fashion brand - which brings together a host of labels and its own fashions - has 121 stores in the UK, and employs around 2,500 people.

It had been bought by a private equity firm in 2010, who had high hopes for the chain, and had wanted to double the number of stores on Britain's high streets. Sky reported that it has injected around £20 million into the chain during 2012. However, it has been brought to its knees by the recession.

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