Retail trade - Signa subsidiary SportScheck files for insolvency
SportScheck, the sporting goods retailer belonging to Signa-Holding, has filed for insolvency. The company, which has 34 stores nationwide and annual sales of around 350 million euros, announced on Thursday that SportScheck is insolvent following the Signa Holding's insolvency application. The management will apply for insolvency proceedings at Munich Local Court in the course of the day.
The takeover of SportScheck by the British fashion retailer Frasers Group announced in the fall will now "not be completed for the time being; however, Frasers remains committed to its takeover plans," the company announced. Further potential investors have expressed interest in the takeover of SportScheck and the process is now open again. "This makes SportScheck confident that it will find a new strong partner that will ensure long-term stability for the company."
All stores, customer service and the online store will continue to operate as normal. Managing Director Matthias Rucker said that the insolvency was bitter, but also an opportunity to strengthen the company with its contractual partners and creditors in the long term. The restructuring and investor process should be completed by March at the latest.
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- Despite the insolvency petition filed by its parent company Signa Holding, SportScheck GmbH, a prominent sports retailer based in Bavaria, Germany, has expressed optimism about potential new investors entering the fray.
- The local court in Munich, Germany, will be handling the insolvency proceedings for SportScheck, a subsidiary of Signa-Holding, which specializes in sporting goods and has 34 stores across the country.
- The ongoing insolvency of SportScheck has not disrupted its operations in any significant manner, with all stores, customer service, and the online store continuing to operate as usual.
- The insolvency of Signa subsidiary SportScheck has brought about a temporary halt to Frasers Group's takeover plans, but the British fashion retailer maintains its commitment to acquiring the German sporting goods retailer in the future.
- Despite facing insolvency, SportScheck GmbH draws hope from the insolvency proceedings, as the management thinks it will provide an opportunity to strengthen the company's position with contractual partners and creditors in the long term.
Source: www.stern.de
