JD Sports has bought its subsidiary Go Outdoors back for £56.5m in a bid to renegotiate better rents with landlords after putting the business into administration earlier this week.
The sport fashion retailer’s boss Peter Cowgill said that “as a consequence of Covid-19, Go Outdoors was no longer viable as previously structured”.
However, JD Sports has said that Go Outdoors, which operates 67 stores, could be salvaged ”if fundamentally restructured”.
JD Sports, which appointed Deloitte as administrator, said that its payment for Go Outdoors would act as “partial repayment against its historic indebtedness”, and that its intention was “to retain the majority of Go’s retail estate and preserve as many jobs as possible”.
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