The Grenoble commercial court is examining on Tuesday the takeover bid for the Go Sport group, in suspension of payments since January, currently owned by Hermione, People & Brands (HPB), a company from the Ohayon empire.
Some twenty takeover bids were received by the court, as part of a transfer plan, while the owner of the sporting goods distributor gave up in the final stretch to present a continuation plan.
Two offers, in particular, appear among the candidates for the takeover bid: that of the British Frasers versus that of Intersport France.
“Two very serious offers”, with “limited social damage”, in the opinion of Christophe Lavalle, delegate of Force Ouvrière and member of the Go Sport CSE, who prioritizes “preserving as many employees as possible”.
On Monday afternoon, the union representative said he was “very happy” to learn of the withdrawal of the Hermione People & Brands holding company, which announced in a press release that it had not been able to conclude its talks “with a world partner.” sport, strongly interested in (his) continuation project”.
“This gentleman does not know how to manage businesses”
This withdrawal occurs when the group of the Bordeaux businessman Michel Ohayon is going through a bad period. Following the liquidation of the Camaïeu brand (2,600 employees) last September, the group’s holding company, Financière immobilière bordelaise (FIB), filed for bankruptcy, the Gap brand (350 employees) recently acquired by Go Sport has been put into bankruptcy and 25 Galeries Lafayette stores have been placed in safeguard proceedings.
“This man does not know how to do business” and “has no respect for Go Sport employees,” Christophe Lavalle told AFP while celebrating the fact that “two very important buyers in the world of sports are fighting” over the group.
Indeed, the bid has risen between the two main candidates for the takeover bid, each improving their offer at the last minute, according to the file that AFP was able to consult in the judicial registry.
In its final offer, Frasers subsidiary Sports Direct agrees to take over 75 stores, instead of the 74 initially announced, and 136 of the headquarters’ 227 employees, instead of the 117 initially assumed. In stores, Sports Direct is committed to hiring 1,477 employees, of the 1,574 identified.
More than 90% of employees assumed
In its offer, Sports Direct indicates that it wants, “in a reasoned and progressive manner over the next three or four years”, to change Go Sport stores to the Sports Direct brand. On the contrary, its reputation has often been tarnished by its social practices, which have come under heavy criticism in the past, particularly regarding the working conditions of its employees.
For its part, Intersport France, which had submitted a first offer together with several companies, also modified its offer. The candidate has parted ways with his previous partners B&M and Chaussea to present a proposal to take over a joint venture with a Qatari company, Al-Mana, according to the file consulted by AFP.
Intersport France now proposes to take over 72 stores, 1446 employees of the 1574 stores and 185 employees of the headquarters (Groupe Go Sport).
Lidl takeover candidate
Other buyers have also come forward, local companies, some of which are franchised under the Sport 2000 brand, or groups such as Centrakor Stores, La Foir’Fouille or even Lidl. They propose partial acquisitions of Go Sport assets and employees.
Very concerned about their future, the 2,200 employees will still have to wait before hearing the court’s decision, which must be made known at the end of the debates.
Parent company Groupe Go Sport brings together the activities of the dealer’s headquarters, in Sassenage, near Grenoble, and 46 master franchise stores internationally. Its subsidiary Go Sport France brings together 82 integrated stores, 87 franchised stores (Go Sport and Endurance Shop) and online sales.
In terms of sales, the Go Sport Group weighs just over 7 million in turnover for the year 2021, and Go Sport France just over 350 million euros, according to figures from the judicial administrators.
Source: BFM TV
