• Placed in receivership on March 1st, the Gap France brand will finally be bought by the company Spodis for an amount of 300,000 euros.
  • The company, which was not unanimous among employees, remained the only candidate in the running.
  • Spodis has committed to retaining 214 out of 336 jobs and not making any redundancies for two years.

The company Spodis, belonging to the London-listed group JD Sports, has been selected by the Commercial Court of Grenoble to take over at a price of 300,000 euros a large part of the activity of the company Wilsam, subsidiary of the Ohayon group owner of the Gap stores in France.

"With realistic operating and financial forecasts, an ability to support working capital and equity investments, Spodis safeguards 214 jobs out of 336, with the commitment not to proceed with any economic layoffs for two years," the Grenoble prosecutor's office said Thursday in a statement.

Only nine stores taken over in full

"The jobs taken over come from 19 stores, the head office and two "corners", but only nine stores are taken over in full," said the prosecutor's office, adding that the court had "retained the proximity of the activities of Gap (retail trade and clothing) and JD Sports (retail trade of clothing) and the respect of the continuation of activity", while the offer was not unanimous among employees, worried about the disappearance of the Gap brand.

Spodis remained the only candidate in the running since Hema France and Shopinvest, which had initially submitted an offer, finally withdrew. The Intersport group – recent buyer of Go Sport – had given up at the beginning of April.

The Ohayon Group in turmoil

The court also ruled out the possibility of a recovery plan, in the absence of a "written document supporting the project" mentioned by the company Wilsam, whose court ordered the judicial liquidation, allowing the sale of the remaining stores to other buyers.

A subsidiary of the holding Hermione, Brands & People (HPB) of Michel Ohayon's group, the Gap France brand was placed in receivership at the beginning of March, with at the time a liability of nearly 6 million euros. This liability rose to more than $34 million on the day of the April 26 hearing.

Acquired in 2021 for a symbolic euro, Gap France is part of the Ohayon group, in turmoil for several months: after the liquidation of its Camaïeu brand (2,600 employees) in September, its holding company, the Financière immobilière bordelaise (FIB) has declared itself in suspension of payments and 25 Galeries Lafayette stores have been put in safeguard procedure.

  • Economy
  • Receivership
  • Commerce
  • Garment
  • Grenoble
  • Isère
  • Auvergne-Rhône-Alpes
  • Rhône-Alpes