JD Sports buys back Go Outdoors in pre-pack deal
By Sarah Wood | 24th June 2020
It's only a couple of days since we reported that camping and hiking specialist, Go Outdoors, was going into administration . Now owner JD Sports has already bought it back.
JD Sports announced the appointment of administrators for the retailer, which has a store in Gloucester, before buying it back in a pre-pack deal for £56.5 million, as reported by Retail Gazette.
Enforced store closures during the coronavirus pandemic had left the viability of Go Outdoors looking uncertain. JD Sports also cited inflexible terms on many of its property leases as being a problem.
Having looked into selling the business, JD took the decision to reacquire it through the pre-pack deal and restructure it.
This is good news for Gloucester, as Go Outdoor will continue to operate all of 67 stores for the next 12 months, with the intention of retaining the majority of jobs.
Copyright 2021 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.