The Grenoble Commercial Court in France has ruled that Intersport France will acquire French retailer Go Sport in partnership with Qatari firm Al-Mana. The Court’s unanimous opinion supported an Intersport/Al-Mana bid valued at €35 million.
According to the Court, “the other, more modest bids were not complementary with that of Intersport.” U.K.-based Frasers, through its Sports Direct subsidiary, placed a €10 million bid for Go Sport. The Court received approximately 20 bids for the Go Sport business, which has been in receivership since January. Bids were due April 18, and the Court announced its decision on April 28.
Intersport, in partnership with Al-Mana, will keep 72 stores, 1,446 of 1,574 retail jobs and 185 head office jobs, while the Frasers’ bid would have preserved 75 stores and 1,477 jobs. Al-Mana will control the Go Sport stores outside France.
Go Sport is owned by Hermione, People – Brands (HPB), a company in a conglomerate owned by Bordeaux businessman Michel Ohayon. It currently operates 46 franchised stores outside France, while its subsidiary Go Sport France operates 82 directly owned stores, 87 franchised stores, between the Go Sport and Endurance Shop chains, and the Go Sport e-commerce site, according to reporting from Fashion Network.
Go Sport tried to open stores in the U.S. in the late 1980s, but the concept never took hold.
