The Munich sporting goods retailer SportScheck is insolvent.
The company will file an application for bankruptcy at the Munich district court today, SportScheck announced on Thursday. The retailer receives support in the process from the restructuring experts at Runkel Rechtsanwälte. SportScheck is also insolvent due to the insolvency of the current owner Signa Holding, which the Austrian real estate and trading company applied for at the Vienna Commercial Court on Wednesday, and the resulting lack of contractual payment commitments.
Fraser takeover interrupted
The aim of the insolvency proceedings is to restructure and strengthen SportScheck’s market positioning as a leading premium sports retailer in Germany, Austria and Switzerland, according to reports from Munich. SportScheck also wants to achieve this goal through a change of ownership.
The takeover by the Frasers Group will not be completed for the time being due to the bankruptcy filing. However, the British trading group should continue to stick to its takeover plans. Meanwhile, other investors are said to have come forward who are interested in taking over SportScheck. The retailer is therefore confident that it will find partners who will ensure long-term stability for the company.
“As bitter as this step feels, we also see it as an opportunity to sustainably strengthen the company with its contractual partners and creditors,” said SportScheck CEO Matthias Rucker. “The focus is now on the strategic direction and the further development of the business in the restructuring process.”
All SportScheck physical and digital stores will remain open during the process. According to SportScheck, the restructuring and investor process is expected to be completed by the end of the first quarter of 2024 at the latest.
