Chain saved from closure

JD Sports buys back Go Outdoors in pre-pack deal

Go Outdoors: business savaged by Covid

JD Sports has bought back its Go Outdoors business in £56.5 million pre-pack deal after placing it into administration.

The leisurewear company said in an announcement after the stock market closed that the move would “preserve as many jobs as possible” in Go Outdoors, which sells clothing and equipment to hikers, walkers and cyclists.

However, JD Sports will press ahead with a major restructuring of Go Outdoors, which employs 2,400 staff. It and intends to retain the majority of its 67 stores.

The retail group appointed Michael Magnay and Daniel Butters of Deloitte as joint administrators to Go Outdoors earlier today after it rejected the option of seeking a sale of the business which has seen its sales hammered by the coronavirus crisis.

JD Sports, which also owns the Edinburgh-based outdoors chain Tiso, said it felt the Go Outdoors business had a future within the wider group “if fundamentally restructured”.  All existing staff will be transferred as part of the pre-pack administration sale.

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.