On Jan. 19, the Commercial Court of Grenoble placed the Go Sport group, a retailer that operates 223 stores in France, in receivership after having noted its state of cessation of payment. The court said that it “has ascertained the insolvency of the company Groupe Go Sport and launched proceedings for a receivership.”
According to various French media and AFP, the court noted that the company Go Sport France was not declared insolvent, “but its situation will be impacted by one of its parent companies,” which is also being investigated for alleged misuse of corporate assets. French newspaper 20 minutes quoted deputy prosecutor François Touret de Coucy saying that the Grenoble police investigation began on Nov. 9, 2022. “The auditors have transmitted several revelations of criminal acts,” he added, without giving further details.
In late December, 2022, the local judiciary heard the various parties for the first time and then instructed the investigating judge to shed light on the group’s situation. The positions are diametrically opposed between the 2,160 French workers’ representatives, who fear the worst, and the parent company Hermione People & Brands (HPB), which had taken over the group at the end of 2021 for a symbolic euro and is optimistic. HPB executives stressed that Go Sport is “not insolvent” and, after seventeen years of losses, would return to profit “from 2023,” assured Wilhelm Hubner, HPB’s chairman. Go Sport also owns the Endurance Shop retail chains.