Meeting on Monday January 16, the Grenoble Commercial Court deliberated its decision on the financial situation of Groupe Go Sport on Thursday January 19. Employees of the sporting goods brand will still have to wait before knowing the fate of the company owned by the Hermione People & Brands group, founded by Bordeaux businessman Michel Ohayon.
“We don’t want to end up like Camaïeu”, is alarmed Christophe Lavalle, spokesperson for the elected staff. The northern women’s clothing chain, which the Financière immobilière bordelaise had taken to the helm of the court in 2020, was placed in receivership in August 2022, following its suspension of payments, and liquidated in early October 2022, resulting in the closure of 511 stores and layoff of 2,100 employees.
Since then, Go Sport staff representatives have exercised, in October, a right of economic alert and requested, in December, the appointment of a judicial administrator with the Grenoble commercial court, considering that the brand will be taken over at the end of 2021. “with 81 million euros in cash” was in default. A scenario that the leaders of HPB refute.
The prosecution had assigned the management of HPB to explain precisely the financial situation of the company. The judges were originally due to issue their decision on December 22. After the appointment of an investigating judge, it was postponed to Monday, January 16.
“Our choice is somewhere between the plague and cholera”
Patrick Puy, managing director of Groupe Go Sport, since his appointment on January 4, hopes to escape a receivership and obtain from the judges the opening of a conciliation procedure supposed to lead, under the aegis of the court, to the sale of the company, which operates 283 stores. This procedure can be opened at the request of the shareholder, provided that the firm has not been in default of payment for more than forty-five days.
“Now, our choice is somewhat between the plague and cholera: conciliation or legal redress with, in both cases, the possibility of social damage. The preservation of the working tool and the 2,160 jobs is our priority”says Mr. Lavalle, hoping “an honest and competent buyer”. Because, obviously, he says, HPB no longer has ” trust “ employees.
The latter denounce in particular transfers of funds made in 2022 for a total amount of 36.3 million euros, according to a report by the auditors of Go Sport, and the takeover of the Gap brand imposed on Go Sport by HPB on December 26 for an amount of 38 million euros.
This acquisition was unveiled on Tuesday, January 10, a few days before the hearing of the Grenoble commercial court. The operation would have been the subject of debate during the hearing, reports the lawyer for the employees, Evelyn Bledniak. Before the judges, the management of HPB would have assured to bring “four million euros in the cash flow of Go Sport”, according to a staff representative. This contribution is supposed to prevent the company from going into receivership.