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Italian Retail Giant Cisalfa to Rescue Bankrupt SportScheck

 |  March 13, 2024

In a move set to reshape the landscape of European sports retail, Italy’s leading sports retailer, Cisalfa, has inked a deal to acquire the struggling Munich-based chain SportScheck out of bankruptcy. The announcement was made by the insolvency administrator on Wednesday, marking a significant development in the aftermath of SportScheck’s tumultuous financial woes.

Cisalfa, renowned for its expansive network of stores across Italy and Germany, has committed to taking over SportScheck’s entire business operations. The agreement entails retaining the SportScheck brand and preserving its Munich headquarters, signifying a nod to the chain’s esteemed legacy within the sports retail sector.

The takeover, however, remains contingent upon approval from antitrust authorities and is slated for completion by June, as disclosed by administrator Axel Bierbach. Bierbach, expressing confidence in Cisalfa’s bid, emphasized the company’s comprehensive proposal as the deciding factor in the competitive bidding process.

SportScheck, previously under the ownership of Austrian real estate magnate René Benko’s Signa Holding, found itself mired in insolvency proceedings following Signa Holding’s filing in November. With 34 stores dispersed across Germany, SportScheck’s financial downfall sent ripples through the industry, prompting stakeholders to seek a viable solution to salvage the revered brand.

Cisalfa’s acquisition strategy resonated with stakeholders, including employees, suppliers, and landlords, who demonstrated a willingness to facilitate the necessary restructuring efforts to facilitate the deal’s success, Bierbach revealed. Despite the promising prospects, specific details regarding the agreement’s impact on SportScheck’s workforce remained undisclosed at the time of the announcement.

Source: MSN