UK chain GO Outdoors on the brink of collapse
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GO Outdoors, one of the biggest fishing tackle retailers in the UK, is reportedly on the brink of collapse.
The JD Sports-owned outdoor chain of 67 stores lost £291.1 million in the six months to August 3 last year and on Friday filed legal notice of its intention to appoint administrators.
The Filing of Notice creates an immediate moratorium around the company and its business for 10 days. During this period creditors cannot take legal action or continue with any legal proceedings against the business without the permission of the Court.
In a statement to the London Stock Exchange issued this morning, JD Sports said adminstrators had not yet been appointed and the group will make no further comment at this time.
GO Outdoors closed its stores in March in line with the Government lockdown. On the first day of reopening, footfall was down 45.3% according to Springboard, a provider of data on customer activity in stores.
JD Sports bought GO Outdoors in 2016 for £112 million and acquired the ill-fated Fishing Republic retail chain early last year.