Main Swedish Intersport Franchisee Seeks Court-led Restructuring

Swiss-based sporting goods group Intersport’s main franchisee in Sweden has filed for a court-led restructuring as it seeks to avert bankruptcy in the face of falling sales because of the COVID-19 pandemic, Reuters reported. Intersport AB, which employs about 2,000 people, said in a statement on Tuesday that it needs temporary relief from creditors to weather the downturn after a sharp decline in sales left it without adequate cash to pay all of its bills. “This is an extraordinary measure ... but we are doing this to save jobs and to ensure that the business will survive in the long term,” said the Swedish retailer’s CEO, Marcus Wibergh. Wibergh said he expects the court in Gothenburg to grant the request later on Tuesday, allowing Intersport AB, which is majority-owned by private equity firm Adelis, to begin negotiations with its creditors. Read more