The British retail group Frasers Group Plc is still interested in taking over the German sporting goods provider despite the insolvency of SportScheck GmbH. This emerges from a statement that the parent company of chains such as Sports Direct, House of Fraser and Flannels released on Thursday.
In mid-October, the group had already concluded a takeover agreement for SportScheck with Signa Retail Department Store Holding GmbH, the retailer’s parent company. In view of the bankruptcy announced on Thursday, Frasers is exercising its contractually agreed right to withdraw from the planned transaction, it said in a statement.
At the same time, the group announced that it would continue to pursue its takeover plans: Although Frasers was “disappointed by the insolvency of SportScheck,” it still believes that the retail chain “is an attractive asset in one of the most important European sports markets,” explained The Group. The Frasers Group now intends to “work with the provisional insolvency administrator of SportScheck to acquire the SportScheck company or its assets out of insolvency”.