Reconstruction for Swedish sports retailer in tr - sportstextiles: Lea SportsTextiles

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Reconstruction for Swedish sports retailer in trouble

28/05/2013
One of Sweden’s biggest sports retail groups, Team Sportia, has entered into an immediate reconstruction plan to avoid bankruptcy.

The company currently has 118 stores throughout the country and employs more than 1,000 people. It was founded in 1989.

Reports from Sweden say the company posted a loss of more than $4 million, mostly owing to falling sales and write-downs on stock.

Cash-flow problems have led to trouble with suppliers and with banks and Gothenburg's district court has ordered an immediate reconstruction plan to enable Team Sportia to meet its debts.

Swedish media say job losses and store closures are likely.


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