Only shortly after confirming speculations that “strategic options“ for its Go Outdoors subsidiary have been considered, and one day after appointing Deloitte to administer the struggling outdoor chain, JD Sports Fashion (“JD”) has announced that Go Outdoors “has a future in the Group.” JD consequently re-acquired the business and substantially all of the assets of Go Outdoors for £56.5 million (€62.5m-$70.5m) in a “pre-pack” administration deal via a newly incorporated subsidiary, JD Newco 1 Limited. In its statement, JD said is has an initial 12-month licence for all of Go Outdoors’ 67 stores such that it will continue to occupy all of them, with the intention to preserve as many jobs as possible. It also pledged to honor Go Outdoors’ trade payables, liabilities on taxation, customer returns and gift cards. All pre-existing Go Outdoors employees will transfer to the new business with their previous terms and conditions of employment preserved.
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