Intersport France has all but acquired Intersport Spain’s buying group and brand as well as some of its suppliers and a sizeable share of its workforce, according to the sources of Modaes. Because the latter is in liquidation, the acquisition will require judicial approval.
Intersport France’s bid, for €300,000, is the only one received so far for that lot of assets, according to Intersport Spain’s administrator, RCD Concursal.
The other lot consists mostly of the store network and has been divvied up into 14 sub-lots, by geography for the most part.
Per Modaes, Intersport France’s initial proposal was for everything from the distribution license to the assets of Intersport Spain’s Swiss company but excluded the debt, which apparently amounts to anywhere from €14 to €30 million for the three constituent companies: Intersport SL, Intersport Retail One SL and (the aforementioned Swiss entity) Intersports CCS SA.
Intersport Spain rejected this proposal and spent the next two months negotiating with its creditors – among them Banco Sabadell, Banco Bilbao Vizcaya Argentaria (BBVA), Nike and Puma – before at last entering liquidation.
About a week ago Intersport Spain moved out of Barcelona and set up a subsidiary, Retail Sport Intersport España, in Madrid – with José María del Carre Díaz-Galve, founding partner of the law firm Del Carre Abogados, for sole administrator.
