The brand specializing in the distribution of sporting goods, launched in 1978, was bought by Rallye in 1990. But the heavily indebted parent company of Casino announced on Wednesday that it had entered "into exclusive negotiations" with an investment fund in order to to sell the Go Sport brand for 1 euro.

Rallye, the heavily indebted parent company of Casino, announced on Wednesday that it had entered "into exclusive negotiations" with an investment fund to sell the Go Sport brand for 1 euro.

"The finalization of the transaction could take place before the end of the first half of 2021", said Rallye in its press release.

The brand specializing in the distribution of sporting goods, launched in 1978, was acquired by Rallye in 1990. It employs around 2,000 people and reports a turnover of 625 million euros for the year. 2019.

In France, Go Sport relies on a network of 85 own stores and 48 affiliated stores.

It also operates the Endurance Shop brand, ie 45 affiliated stores.

Abroad, the brand is present through 45 stores, notably in Qatar, Oman, Morocco and Jordan.

The transaction must be approved by "the competent competition authorities"

Exclusive negotiations are being carried out by Rallye "with Financière Immobilière Bordelaise", investment fund of businessman Michel Ohayon, "with a view to the sale of the entire capital of Groupe Go Sport for a price of 1 euro without any guarantee of liabilities to be borne by Rallye ", the press release indicates. 

Completion of the transaction is subject in particular to consultation with the bodies representing the personnel of the Go Sport group, and must also be approved by "the competent competition authorities".

It must also be the subject in particular of an agreement of the banks of the group concerning "the maintenance and modification of their current outstandings", it is specified.

This investment fund had taken over Camaïeu in August

La Financière immobilière Bordeaux (FIB) had already taken over 511 stores from the Camaïeu women's ready-to-wear brand last August.

This investment fund, also present in luxury hotels and wine, had also acquired 22 Galeries Lafayette franchises in the regions in 2018.

Rallye, whose majority shareholder is the boss of Casino Jean-Charles Naouri, was the subject of a safeguard plan in view of its debt.

This plan provides for a staggering of the repayment of the company's liabilities (greater than 3 billion euros as of June 30, 2020) between 2023 and 2030, with a first major deadline in 2023.