Sporting goods retailer - 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 that SportScheck is insolvent following the Signa Holding's application for insolvency. 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 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, the head of the federal trade group responsible, 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."
All stores, customer service and the online store continued 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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- The insolvency petition for SportScheck was submitted by its parent company, Signa-Holding, based in Bavaria, Germany.
- The local court in Munich will oversee the insolvency proceedings for Sportscheck GmbH, a major player in the German retail trade of sporting goods and sports check.
- Despite the pending insolvency, the British fashion retailer Frasers Group remains committed to completing its takeover of SportScheck, as initially announced in the fall.
- The insolvency of SportScheck has not deterred potential investors from expressing interest in the sports goods retailer, boosting its confidence in finding a new strong partner.
- The trade union Verdi supports the quick completion of the sale to Frasers Group, emphasizing the need for stability and good prospects for SportScheck's employees.
- The management of SportScheck, despite the bitter insolvency, views it as an opportunity to strengthen the company's relationships with its contractual partners and creditors between now and March.
Source: www.stern.de
