France-based sportswear retailer Go Sport has unveiled plans to increase its capital by EUR30 million amid increasing losses. The group posted a loss of EUR20 million in 2011 compared to EUR5.9 million in 2010.

The capital increase, underwritten by majority shareholder, Rallye, is designed to strengthen Go Sport’s financial structure. It will also help sustain on-going initiatives such as a new merchandising concept, with a re-modelling of stores.

Go Sport posted a turnover of EUR680.4 million in 2011, down 0.4% on the previous year. Sales from Go Sport outlets specifically, were down 1.7% due to a sharp fall in seasonal goods.

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