The Munich-based law firm Müller-Heydenreich Bierbach & Kollege, specializing in restructuring and insolvency administration, announced that the search for investors for the insolvent German sporting goods retailer SportScheck is progressing successfully.
According to the provisional insolvency administrator Axel Bierbach, numerous interested parties had submitted offers by the end of the first phase of the investment process, including retailers and financial investors from Germany and abroad. Following the approval of the provisional creditors’ committee on Jan. 25, negotiations will now continue with selected interested parties in the next phase of the investor process. “All interested parties expect the necessary restructuring contributions from all stakeholders to make SportScheck sustainably successful. If all parties involved cooperate, I am confident we will find a viable solution for SportScheck,” said Bierbach.
Bierbach added that the necessary cost cuts are currently being negotiated in detail. Restructuring contributions from the landlords of the SportScheck stores, suppliers and logistics, but also the workforce, are necessary to ensure that the company can be successfully restructured. The provisional insolvency administrator announced that the restructuring and investor process – subject to the necessary approval of the antitrust authorities – would be completed by early summer at the latest.
SportScheck’s entire business operations were stabilized shortly after the insolvency application and will continue without restrictions thanks to an agreement with most of the partners. Customers can make full use of the services offered as usual. “Business has been very positive in recent weeks,” commented SportScheck’s Managing Director Matthias Rucker optimistically. “The over-the-counter business, in particular, has picked up, is on target, and customers appreciate the personal service provided by local staff.”
Rucker announced that strategic projects, including the further roll-out of the new retail format, will be implemented as planned. The SportScheck Run, which has been running for over 20 years, will also bring the running community together again this year in eleven cities and will be an important building block in positioning the SportScheck experience brand. “The stabilization of our business was only possible so quickly thanks to our employees’ tireless efforts and our partners’ commitment. We are using the current situation to position the company sustainably for the future,” said Rucker.
SportScheck had filed for insolvency proceedings on Nov. 30, 2023, as the previous owner, Signa Holding, was no longer able to meet its contractually agreed payment obligations due to its own insolvency. The already agreed takeover of SportScheck by the British Frasers Group, which was still subject to the approval of the antitrust authorities, could not be completed due to SportScheck’s insolvency application.
