The retail giant JD Sports Fashion is preparing to call in administrators at Go Outdoors, the chain it bought for more than £100m four years ago, in a further sign of the turmoil engulfing the high street during the COVID-19 pandemic.
Sky News understands that JD has filed a notice of intention to appoint Deloitte as administrator to the subsidiary, which employs about 2300 people.
Go Outdoors is understood to have run a sale process in recent weeks to canvas interest from potential buyers, according to an executive at another major retailer.
Sources said JD was expected to use an insolvency process to restructure the chain, which trades from more than 60 shops and specialises in camping, fishing and cycling equipment.
The Manchester-based retail group, which has a market value of £6.3bn, is said to be keen to retain control of a slimmed-down Go Outdoors.
If the administration is confirmed, it would be the latest prominent retailer to resort to insolvency proceedings since the coronavirus outbreak began.
Earlier this week, Oak Furnitureland announced a pre-pack sale to funds managed by Davidson Kempner Capital Management, the hedge fund.
Both AllSaints and Poundstretcher have unveiled company voluntary arrangements in the last few days.
Other retailers to have called in administrators since March include Cath Kidston, Debenhams and Laura Ashley.
Meanwhile, numerous chains are in talks with landlords about switching to a turnover rent arrangement ahead of a rent quarter day next week that will be the bloodiest-ever for store-owners.
The fate of Intu Properties, the owner of the Trafford Centre in Manchester and Lakeside shopping centre in Essex, will also be decided next week.
JD declined to comment on Saturday.
https://news.google.com/__i/rss/rd/articles/CBMiX2h0dHBzOi8vbmV3cy5za3kuY29tL3N0b3J5L2Nvcm9uYXZpcnVzLWpkLW93bmVkLWdvLW91dGRvb3JzLW9uLWJyaW5rLW9mLWFkbWluaXN0cmF0aW9uLTEyMDExNTI10gFjaHR0cHM6Ly9uZXdzLnNreS5jb20vc3RvcnkvYW1wL2Nvcm9uYXZpcnVzLWpkLW93bmVkLWdvLW91dGRvb3JzLW9uLWJyaW5rLW9mLWFkbWluaXN0cmF0aW9uLTEyMDExNTI1?oc=5
2020-06-20 20:22:58Z
CBMiX2h0dHBzOi8vbmV3cy5za3kuY29tL3N0b3J5L2Nvcm9uYXZpcnVzLWpkLW93bmVkLWdvLW91dGRvb3JzLW9uLWJyaW5rLW9mLWFkbWluaXN0cmF0aW9uLTEyMDExNTI10gFjaHR0cHM6Ly9uZXdzLnNreS5jb20vc3RvcnkvYW1wL2Nvcm9uYXZpcnVzLWpkLW93bmVkLWdvLW91dGRvb3JzLW9uLWJyaW5rLW9mLWFkbWluaXN0cmF0aW9uLTEyMDExNTI1
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