“It’s all bullshit. » On the eve of the examination of the financial situation of Groupe Go Sport by the Commercial Court of Grenoble, Monday, January 16, Christophe Lavalle, staff representative, elected Force Ouvrière, does not take off.
The sporting goods brand announced on Tuesday January 10 that it had acquired the Gap chain in France (21 stores). Both are subsidiaries of the Hermione People & Brands (HPB) group, chaired by Wilhelm Hubner and owned by Financière immobilière bordelaise (FIB), the holding company of businessman Michel Ohayon. Since the summer of 2022, Gap has been managed by Berengère Hubner, the wife of Wilhelm Hubner.
For an amount of 38 million euros, this takeover was signed on December 26, according to Patrick Puy, general manager of Groupe Go Sport. The one who took office on January 4 defends this operation.
An alibi “
According to this specialist in business restructuring, the takeover of Gap (358 employees) would have all its relevance from a “marketing” by granting Go Sport “an interesting asset” in a sportswear market deemed to be flourishing. In essence, he says, Gap jeans and sweatshirts will find takers at the 223 Go Sport stores.
Mr. Puy, however, refuses to detail the financial arrangements for this takeover, which allows HPB, a shareholder of Gap, to collect 38 million euros from a sign purchased for 1 euro from the Californian firm in 2021. “leads the cash flow of Go Sport”denounce the employees, on the alert since the liquidation of Camaïeu, another subsidiary of the FIB.
“The chronology of the operation raises questions” – Christophe Lavalle, staff representative
According to elected personnel, the operation is a “alibi” to comply with the legislation on loans guaranteed by the State (PGE), which prohibits the transfer of funds from the borrowing subsidiary to another, except for an external growth operation. Go Sport has indeed obtained two PGEs, for a total amount of 55 million euros, in 2020 and 2021.
“The chronology of the operation questions”, observes Mr. Lavalle. Because HPB reveals, a posteriori, a transaction signed at the end of December 2022 and the reason for these transfers of funds which, according to the elected staff member, began “from February 2022”.
The company’s auditors were alarmed by this in the fall of 2022. In a special alert report, the firms Ernst & Young and KPMG had expressed concern, to the presidency of Go Sport, of “disbursements relating to non-recurring items for an amount of 36.3 million euros”. They then reported to the president of the Grenoble commercial court the worrying situation of the company. Because, despite the PGEs, Go Sport presented, according to them, “facts likely to compromise the continuity of operation”.
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