Intersport Spain’s Quest for a Buyer
Intersport Spain is in a critical state, with the company’s financial situation being described as “very delicate” by sources. In an effort to save the business, Intersport Spain’s management has turned down an initial offer from Intersport France, citing the proposed figure as “insufficient.”
Negotiations with Eren Shift Group
Instead, the company is pursuing negotiations with the Eren shift group, a Turkish conglomerate. According to Rafael Barbe, CEO of Intersport Spain, these talks are progressing, with the potential buyer planning to assume a significant portion of the company’s debt liabilities. Additionally, the Eren shift group intends to maintain a large number of Intersport’s jobs and stores in Spain.
French Subsidiary’s Offer
In contrast, Intersport France’s offer would have involved acquiring the company’s assets, including the distribution license in Spain and Andorra, as well as the shares of the parent company in Switzerland. However, this proposal did not include taking on the company’s current debt, which was a major point of contention.
Financial Situation
Intersport Spain’s financial struggles are evident in its declining profits, which plummeted to 59,834 euros in 2022, down from 1.1 million euros in 2021. The company’s turnover increased by 4.9% in 2022, but its gross operating result contracted significantly. The company’s net financial debt currently stands at approximately 15.5 million euros, with a commercial debt of over five million euros.
Options for the Future
While negotiations with the Eren shift group continue, Intersport Spain is also exploring other options, including partnering with an external investment partner or selling off some assets to internally finance its debt. The company has until February 2025 to find a definitive investor or investors to take control and implement a restructuring plan approved by creditors.