JD Sports buys back Go Outdoors from administrator as it begins unit restructuring

FILE PHOTO: People pass a JD Sports store in London, Britain, April 11, 2017. REUTERS/Neil Hall

June 23, 2020

(Reuters) – Retailer JD Sports <JD.L> said on Tuesday it had appointed Deloitte as administrator for its loss-making outdoor clothing business that has been struggling with falling demand, and will begin a restructuring of the unit.

London-listed JD Sports said it had brought back the business, Go Outdoors, and all its assets from the administrator for 56.5 million pounds ($70.7 million) via a new subsidiary as part of a so-called pre-pack administration deal.

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Maju Samuel)

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