Italy's largest sports retailer, Cisalfa, has reached a deal to buy the Munich-based sports retail chain SportScheck out of bankruptcy, the insolvency administrator announced on Wednesday.
Cisalfa will take over the business operations as a whole, continue the SportScheck brand and retain the Munich location as the brand's headquarters.
The takeover is still subject to approval by the antitrust authorities and is expected to be completed by June, administrator Axel Bierbach said.
SportScheck, which operates 34 stores in Germany, was owned by Austrian real estate mogul René Benko's sprawling Signa Holding empire, which filed for insolvency in November.
The family-owned company Cisalfa operates more than 150 stores in Italy and 50 stores in Germany through its subsidiary, Sport Voswinkel.
"Cisalfa Sport convinced us in the bidding process with the best overall concept," Bierbach said.
Employees, suppliers and landlords had shown that they were prepared to make the necessary restructuring contributions to make the deal work, Bierbach added.
Details on the agreement, such as the impact on jobs at SportScheck, were not immediately disclosed.
The takeover will take the form of a restructuring by means of an insolvency plan, which will be voted on by a creditors' meeting at a court in Munich at the end of April.
