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UK's Frasers Group withdraws from SportScheck deal amid insolvency
04 Dec 23 1 min read
Insights
- Frasers Group withdraws from the SportScheck acquisition deal after the latter files for insolvency.
- Despite the setback, Frasers remains interested in SportScheck as an appealing asset in a key European sports market.
- The company plans to collaborate with the preliminary insolvency administrator to potentially acquire SportScheck's business/assets.
However, SportScheck has filed for insolvency, leading Frasers to withdraw from the transaction, the company said in a press release.
While Frasers is disappointed by the insolvency of SportScheck, it continues to believe that SportScheck is an attractive asset in one of Europe's most important markets for Sports and it intends to work with the appointed preliminary insolvency administrator of SportScheck with a view to acquiring the SportScheck business/assets out of administration. Frasers remains committed to the ambition to become the leading sports retailer in EMEA.
Fibre2Fashion News Desk (RR)
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