According to multiple sources in the French press, the fate of Go Sport and its parent, Groupe Go Sport, lies in the hands of the commercial court of Grenoble, the city for which the sporting-goods retailer is named (Grenoble Olympique Sport). Go Sport’s owner Hermione, People & Brands (HPB) has renounced all plans to continue with the business, which has been in receivership since January.
HPB’s attorney, Me Spizzichino, says that his client has been prevented from presenting a recovery plan and reserves the right to lodge an appeal against the procedure but not against a plan to dispose of the subsidiary.
The court is examining takeover offers from some 20 firms, chief among them Intersport France and Frasers-owned Sports Direct. It is scheduled to render a decision by April 28. Go Sport employs about 2,200 people.
HPB is a subsidiary of Financière Immobilière Bordelaise (FIB), the holding company for the business empire of Michel Ohayon, and FIB is itself in receivership – the commercial court of Bordeaux having, at Ohayon’s request, declared it insolvent on Feb. 7, according to the French daily Le Figaro.
Several of FIB’s subsidiaries have run into trouble of late, according to Sud Ouest. Gap’s business in France (headcount 350), a recent acquisition of Go Sport’s, is in receivership; the apparel retailer Camaïeu (headcount 2,600) was liquidated in September; and Galeries Lafayette’s regional franchises are under bankruptcy protection*.
(* in an earlier version of this article, we wrote that Galeries Lafayette is under bankruptcy protection. Please excuse this mistake.)
