The Swedish Intersport banner has decided to close at least ten of its 130 stores, fewer than originally expected, as some landlords have accepted more flexible rental terms. Other stores may have to be shut down, depending on ongoing negotiations with their landlords.
Intersport Sverige filed on April 14 for bankruptcy protection due to corporate reorganization, a status that was extended for another three months in July. The receivers have told the Swedish press that the situation has improved since then, indicating that the company should be able to operate again normally. Meanwhile, the company has laid off up to 30 percent of its staff and boosted its e-commerce operations, and according to Sportfack, its suppliers and other creditors have agreed to write off a portion of their outstanding receivables as part of a settlement of their claims.
For its part, Stadium has decided to close down two of its stores in Stockholm. One of the two is the vry first store opened by the company back in 1987. Located on Sergeigatan and modernized in 2008, the 3,000-square-meter location acted for a while as Stadium’s flagship, but it will have to be shut down in the autumn because the owner of the premises wants to renovate the whole area. Two other stores in its vicinity will remain in operation.
A sales decline induced by the coronavirus pandemic has led Stadium to lay off some 600 employees since April. However, Stadium is reportedly expecting a positive result for the financial year ending on Aug. 31, following arrangements with the landlords on store rental payments, combined with a sales turnaround since May, thanks in part to strong online sales. In July alone, the chain’s sales were up by 17 percent as compared to the same month a year ago.