After the real estate and retail holding company Signa, led by Austrian magnate Rene Benko, filed for insolvency last week following failed attempts to secure new financing, German retailer SportScheck GmbH has now also filed for insolvency. SportScheck has 34 stores in Germany and reported annual sales of around €350 million. All stores, customer service and the online store are continuing to operate as normal, the company said.
We recently reported that SportScheck was supposed to be sold to Frasers Group plc. Frasers released a statement on Nov. 30 in response to SportScheck’s insolvency filing that it has exercised its rights under the original agreement entered on Oct. 17 to withdraw from the transaction. “While Frasers is disappointed by the insolvency of SportScheck, it continues to believe that SportScheck is an attractive asset in one of Europe’s most important markets for Sports and it intends to work with the appointed preliminary insolvency administrator of SportScheck with a view to acquiring the SportScheck business/assets out of administration. Frasers remains committed to our ambition to become the leading sports retailer in EMEA,” Frasers added.
