Following on from April’s decision in which Intersport France had the winning bid to acquire the Go Sport Group in a joint venture with the Qatari firm Al-Mana, Spodis – a unit of JD Sports Fashion – has been chosen by a Grenoble-based commercial court as the buyer of part of the assets of Wilsam, which manages franchised Gap stores in France, for €300,000.
“With realistic operating and financial forecasts, a capacity to support working capital and investments with its own resources, Spodis is safeguarding 214 out of 336 jobs, with a commitment not to make any redundancies for two years,” the court said in a statement explaining its choice.
It added that the retained jobs stem from 19 stores, the company’s headquarters, and two corners, but that Spodis will only be keeping 9 of Gap France’s stores in their integrity.
The court also highlighted that the “proximity” of Gap’s and JD Sports’ activities also weighed in the choice, which does not have the full support of Gap France’s employees.
Spodis was the only candidate left for the takeover of Gap France after Hema France and Shopinvest pulled out. Intersport France withdrew its bid early April.
Parent company of Wilsam, Hermione People & Brands (HPB), confirmed in January that its French sports retail chain subsidiary Go Sport had acquired the master franchise for Gap in France. French online newspaper Mediapart reported at the time that Go Sport and Gap France would be merged and then sold.
Wilsam was placed under controlled administration, or receivership, in March. HPB is a subsidiary of Financière Immobilière Bordelaise (FIB), the holding company for the business empire of Michel Ohayon.
This is the second French acquisition for the JD Group this week, with an announcement on Monday that it intends to acquire the French-based athletic footwear chain, Courir.
