Republic, a portfolio company of Fort Worth, Texas-based private equity house TPG Capital, and previously backed by London private equity investor Change Capital Partners LLP, operates 121 stores across the U.K. and employs around 2,500 people.

Ernst & Young LLP's Hunter Kelly, John Sumpton and Alan Hudson have been appointed joint administrators of Republic (UK) Ltd. and Republic (Retail) Ltd., the accountancy firm said.

Ernst & Young's first act was to make 150 people redundant at Republic's headquarters in Leeds, England. However, Kelly said in a statement that the administrators would to continue to operate the retailer, "with a view to selling the business as a going concern."

He said the brand Republic was well recognized, particularly in the north of England, with a strong website, well-known brand names and some very attractive and profitable stores. But he explained that weak sales last fall and a rapid decline in January, despite a temporary pickup in December, had undermined the business.

"The impact on cash flows has resulted in the business being unable to continue to operate outside of an insolvency process," Kelly added.

On its website, TPG describes the company as one of the United Kingdom's top young adult fashion retailers. The U.S. firm bought the company for £300 million ($466.7 million) in 2010, and has reportedly injected additional cash into the business on two occasions to keep it afloat. TPG declined to comment, referring all calls to Ernst & Young.

Republic's Twitter account carried the information in a single tweet: "Sadly Republic is now in the hands of Administrators. We did all we could but it's simply too tough out there. Thanks for your support." Before that tweet went out in the late morning, the company's website merely notified potential customers, without explanation, that its free next-day delivery service for the U.K. would be discontinued from 5 p.m. Wednesday.

An attempt to call Republic on Wednesday morning elicited the following recorded response (though this may have been unconnected with the administration): "Thank you for calling Republic. Sorry we cannot answer your call right now. We have had to temporarily evacuate the building! We will we reopen as soon as possible."

Republic is the latest in a series of well-known retailers to collapse into administration since the beginning of the year, with the loss of thousands of jobs. In addition to the photographic supplies and equipment chain Jessop Group Ltd., both music and entertainment products retailer HMV Group plc and the video and DVD rental group Blockbuster Entertainment Ltd. have also been hit by falling sales.