The Munich-based sporting goods retailer SportScheck has filed for insolvency proceedings with a local court today. The retailer will be supported in the proceedings by the reorganisation experts from the law firm Runkel Rechtsanwälte.
It comes on the back of a similar bankruptcy filing made by SportScheck's current owner Signa Holding, which the Austrian property and retail company filed for at the Vienna Commercial Court on Wednesday, and the resulting lack of contractual payment commitments.
Takeover by Fraser interrupted
The aim of the insolvency proceedings is to reorganise and strengthen SportScheck's market position as a leading premium sports retailer in Germany, Austria and Switzerland, according to the Munich-based company. SportScheck intends to achieve this goal through a change of ownership.
The takeover by the Frasers Group will not be finalised for the time being due to the insolvency application. However, the British retail group is said to be sticking to its takeover plans. In the meantime, other investors are understood to be interested in taking over SportScheck. The retailer is therefore confident that it will find partners who can guarantee the company's long-term stability.
"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 further development of the business during the reorganisation process."
All of SportScheck's physical and digital shops will remain open during the proceedings. According to SportScheck, the reorganisation and investor process is expected to be completed by the end of the first quarter of 2024 at the latest.