Mike Ashley’s USC fashion chain has been placed into administration and bought by another of the Newcastle United owner’s store fascias, Republic.
Administrators at Duff & Phelps confirmed the move following speculation around the high street chain over the last week.
Philip Duffy and Geoffrey Bouchier, managing directors of Duff and Phelps, were appointed joint administrators of West Coast Capital (USC) Limited, together with Robert Palmer of The Gallagher Partnership LLP.
Duff and Phelps confirmed a going concern sale of the business and assets of USC to Republic.com Retail Limited.
The administrators said all USC stores remained open and staff retained.
Philip Duffy said: “West Coast Capital (USC) Limited underwent a very successful financial restructuring process and sale; this leaves the business in a stronger position to carry on trading. We are pleased that following the process all stores continue to trade.”