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 is sticking 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 who will ensure long-term stability for the company."
The trade union Verdi spoke out in favor of completing the sale to Frasers quickly. Corinna Groß, head of the national trade union group, told the Funke media group newspapers: "Our colleagues finally need good prospects for the future and a reliable perspective, which this sale offers. They must not have to foot the bill again if someone has made a mistake."
According to the company, all stores, customer service and the online store are continuing 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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Source: www.stern.de
