Sports fashion retailer JD Sports is reportedly lined up to bring in administrators for its Go Outdoors business.
In a statement released this morning, JD Sports said: “The group can confirm that it has considered a number of strategic options for Go and that Go’s directors have lodged the notice in court.
“This notice creates an immediate moratorium around the company and its property which lasts for 10 business days. During this moratorium, Go’s creditors cannot take legal action or continue with any existing legal proceedings against the company without the Court’s permission.”
JD said administrators have not yet been appointed and the group will make “no further comment at this time”.
Insiders told the news source that JD Sport was also expected to enter an insolvency process in a bid to restructure the group.
JD Sports acquired Go Outdoors in 2016 for £112m. The chain currently employs 2,300 people.
In March the Financial Conduct Authority (‘FCA’) announced a temporary relief for listed companies that are due to report financial results during the current coronavirus crisis.