A new hearing has been scheduled for January 16 to assess the financial situation of Go Sport, a sporting goods retailer that was recently acquired by Hermione People & Brands (HPB) from the Rallye group. The commercial court of Grenoble has appointed an investigating judge to thoroughly examine the case, following a hearing that took place on December 19. In a significant decision, the court has granted Go Sport a stay of execution and rejected the possibility of placing the company into receivership. This ruling conveys a message of vigilance and confidence, urging all stakeholders to collaborate and find ways to rescue the company.

During the December 19 hearing, auditors of Go Sport and an independent expert appointed by the staff representatives revealed that the company had stopped making payments. However, HPB presented its own independent report, stating that there were no payment defaults. Alongside this, HPB’s management requested the initiation of a conciliation procedure, with the intention of selling Go Sport.

The Central Social and Economic Committee (CSEC) of Go Sport, which represents the elected representatives of the retail chain, reported significant money transfers from Go Sport to HPB, amounting to approximately 36.3 million euros. Union representatives raised concerns about the empty shelves and lack of merchandise in Go Sport stores.

Benoît Verdier, the former CEO of Go Sport, resigned from his position on December 1, but HPB has announced that they will appoint his successor in January 2023. HPB has emphasized that Go Sport is a financially sound company that is expanding and is distinct from the liquidated clothing chain Camaïeu. Michel Ohayon, the owner of HPB, expressed his belief that Go Sport will return to profitability in 2023, following 17 years of losses, in order to address the existing distrust among certain employees.

The court’s decision to appoint an investigating judge and postpone any further actions until January 16 offers a temporary reprieve for Go Sport. This allows the company’s employees, who were unsettled by inaccurate and damaging information about the company, to regain their confidence and sense of calm. The outcome of the upcoming hearing will determine the future of Go Sport and its ongoing endeavors to overcome its financial difficulties.

Useful links:
1. Go Sport
2. Hermione People & Brands (HPB)