JD Sports is planning to restructure its Go Outdoors subsidiary via an administration. This could see it close unprofitable stores as well as shed staff.
In a market update issued today the business said “The group can confirm that it has considered a number of strategic options for Go and that Go’s directors have lodged the Notice in Court. This Notice creates an immediate moratorium around the company and its property which lasts for ten business days. During this moratorium, Go’s creditors cannot take legal action or continue with any existing legal proceedings against the company without the Court’s permission. Administrators have not yet been appointed.”
JD Sports acquired Go Outdoors four years ago for £112 million. It currently employs c2400 staff and operates from 67 stores.
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