$re = '/(.+> )?([^>]+)(.+)? > \2(.+)?/m';
$str = ' Boating > Anchoring > Accessories > Anchors/Chain/Rope
Boating > Safety > Fire & Vapor Detectors > Fume Detectors
Clothing > Sportswear > Shirts > T-Shirts Polo
Gear > Knives & Tools > Knives Fixed Blade > Fixed Blade Knives
Hunting > Tree Stands > Accessories > Tree Stands and Accessories
Optics > Rings & Mounts > Scope Rings > Rings & Accessories
Gear > Climbing & Rappelling > Rope Cord Webbing > Rope Cord & Webbing
Fishing > Rod & Reel Combos > Rod & Reel Combos > Types of Fishing > Fishing Gear - Kids > Offshore Fishing Gear > Saltwater Fly Fishing Gear > Trolling Fishing Gear
Fishing > Lures > Hard Baits > Lures Hard Baits
';
$subst = "\1\2\3\4";
$result = preg_replace($re, $subst, $str);
echo "The result of the substitution is ".$result;
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php