Men‘s fashion retailer Gio Goi has been bought out of administration by sporting goods and clothing retailer JD Sports Fashions, it has been announced today.
Last month, Gio Goi appointed administrators from specialist firm KPMG after a restructuring strategy last year failed to return the brand to growth.
After closing its three high street stores in Aberdeen, Glasgow and Manchester, Gio Goi continued to sell its clothing across a network of retailers including JD Sports.
Acquiring the brand for an undisclosed sum, JD Sports continues to grow its portfolio after acquiring embattled outdoor specialist retailer Blacks last year.
In the first three weeks of JD Sports‘ ownership of Blacks, the flailing business made a loss of £2.2 million, and in its Christmas trading statement the group conceded that Blacks continues to report “disappointing” sales.
It is hoped the at the acquisition of this latest brand will strengthen JD Sports‘ position in the market following the demise of rival JJB Sports last year and Christmas trading saw the retailer report a like-for-like sales rise of 3.2 per cent across the UK & Ireland.
Commenting on the acquisition, Jane Moriarty, Restructuring partner at KPMG said :
“Following our appointment as administrators to Gio Goi last month, I can confirm that we have successfully sold the brand and stock to JD Sports Fashion Plc for an undisclosed sum.
“The joint administrators will now concentrate on realising the remaining assets and winding down the Companies.
“JD Sports Fashion Plc is renowned for developing brands and will look to build on Gio Goi‘s rich history.”