{"id":166730,"date":"2020-06-23T19:03:00","date_gmt":"2020-06-23T19:03:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/jd-sports-buys-back-go-outdoors-through-pre-pack-deal\/"},"modified":"2021-08-06T12:06:17","modified_gmt":"2021-08-06T12:06:17","slug":"jd-sports-buys-back-go-outdoors-through-pre-pack-deal","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/jd-sports-buys-back-go-outdoors-through-pre-pack-deal\/","title":{"rendered":"JD Sports buys back Go Outdoors through pre-pack deal"},"content":{"rendered":"<p>JD Sports has bought back its Go Outdoors business for <strong>\u00a356.5 million in a pre-pack deal after placing it into administration.<\/strong><\/p>\n<p><!--more--><\/p>\n<p>The sports giant said the move would <strong>\u201cpreserve as many jobs as possible\u201d <\/strong>at the troubled retailer, which sells outdoor clothing, bikes and camping products.<\/p>\n<p>However, JD Sports said it <strong>would push forward with a major restructuring of Go Outdoors,<\/strong> which employs 2,400 staff, and intends to \u201cretain the majority\u201d of its retail stores.<\/p>\n<p>The retail group <strong>hired administrators from corporate finance firm Deloitte<\/strong> earlier on Tuesday after it saw sales hammered by the coronavirus crisis.<\/p>\n<p>JD Sports said it considered potential options for the chain, which has<strong> 67 stores,<\/strong> in May, including a potential sale.<\/p>\n<p>However, it said it determined that the business had a potential future within the wider group \u201cif fundamentally restructured\u201d.\u00a0\u00a0All existing staff will be transferred as part of the pre-pack administration sale.<\/p>\n<p>Peter Cowgill, executive chairman of JD Sports, said: \u201cAs a consequence of Covid-19,<strong> Go Outdoors was no longer viable as previously structured<\/strong> and would have absorbed capital at an unsustainable rate for the foreseeable future.<\/p>\n<p>\u201cHaving investigated all available options for the business, we firmly believe that this restructuring will <strong>provide Go Outdoors with a platform from which it can progress<\/strong> whilst remaining a member of the Group.<\/p>\n<p>\u201cMost importantly, we are pleased that it will protect the maximum number of jobs possible.\u201d<\/p>\n<p>Michael Magnay, joint administrator, said: \u201cLike many high street retailers, Go Outdoors Ltd has been seeking to address a number of underlying business challenges in the current UK retail environment, which have been exacerbated by the impact of COVID-19.<\/p>\n<p>\u201cThis successful sale will provide Go Outdoors with<strong> an opportunity to restructure its business to secure its future for the long term.<\/strong><\/p>\n<p>\u201cI\u2019m particularly pleased that we have been able to<strong> secure the employment of all the Company\u2019s workforce,<\/strong> and we\u2019d like to thank all employees and key stakeholders for their support throughout this process.\u201d<\/p>\n<p><a href=\"https:\/\/www.theindustry.fashion\/jd-sports-files-for-court-protection-for-go-outdoors\/\">Yesterday JD Sports sought court protection for Go Outdoors<\/a> while it decided on its future plans.<\/p>\n<p><a href=\"https:\/\/www.theindustry.fashion\/subscribe-now\/?utm_source=website&amp;utm_medium=banner&amp;utm_campaign=insight_button&amp;utm_content=insight_button_0719\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-144088 size-full\" src=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Daily-Newsletter-Banner.png\" alt=\"Newsletter banner\" width=\"1680\" height=\"268\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":68,"featured_media":139045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[16042,10585,6,10494],"tags":[9951,20006,5626,11951,9952],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JD Sports buys back Go Outdoors through pre-pack deal - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"JD Sports has bought back its Go Outdoors business for \u00a356.5 million in a pre-pack deal after placing it into administration. 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