Go Sport: the French court will examine the options of continuation or sale on April 18
On March 15, the Grenoble Commercial Court handed down several decisions concerning the receivership of Go Sport. Following the hearing on March 13, the public prosecutor's office decided to study the continuation plan that HPB, the company's owner, wants to implement on April 18, as well as the takeover offers. Among the potential buyers are Intersport and the British group Frasers.
As part of the procedure, the observation period, during which Go Sport is allowed to continue its activity, has been maintained until July 19, 2023, as "the company might be able to improve its situation", according to the judgement.
Deputy prosecutor François Touret de Coucy also said that the court "takes note of the public prosecutor's request made at the hearing on March 13 to extend the mission of the court-appointed administrators to fully represent the company," while a judicial expert could be appointed to "explain the cash flow over the months preceding the opening of the procedure." These two issues will be discussed at a dedicated hearing on March 29.
The Go Sport brand, which employs nearly 2,000 people, operates a network of 215 shops (82 directly operated units, 87 franchises and 46 master franchises) and generated around €360 million in turnover in 2021. Last week, its manager Patrick Puy, who had been called in just two months earlier, was dismissed by HPB's management.
Go Sport went into receivership in January 2023, facing an asset shortfall of €158 million. In addition, its owner is currently under investigation for 'organised fraud' by the National Jurisdiction for Combating Organised Crime (Junalco).
Copyright © 2023 FashionNetwork.com All rights reserved.