JD Sports buys back Go Outdoors after days in administration
Sports fashion retailer JD Sports has announced it is buying back Go Outdoors after pushing the big box outdoor store into administration a few days earlier.
Over the weekend, Sky News and other publications were reporting that Go Outdoors was about to be pushed into administration. On June 22, parent company JD Group issued a statement addressing the speculation and confirming that “it has considered a number of strategic options for Go and that Go's directors have lodged the Notice in Court”.
On June 23, JD Group issued another statement about the restructuring of the outdoor store, saying it had bought back the Go Outdoors chain for £56.5 million.
"As a consequence of covid-19, Go Outdoors was no longer viable as previously structured and would have absorbed capital at an unsustainable rate for the foreseeable future,” said Peter Cowgill, JD’s executive chairman.
“Having investigated all available options for the business, we firmly believe that this restructuring will provide Go Outdoors with a platform from which it can progress whilst remaining a member of the Group. Most importantly, we are pleased that it will protect the maximum number of jobs possible.”
