JD Sports buys Gio Goi out of administration
JD Sports has bought the collapsed men¬ís fashion brand Gio Goi out of administration for an undisclosed sum.
Gio Goi went into administration last month following attempts to restructure the business with the closure of the brand's three UK stores. However, Gio Goi continued to supply clothing to a range of high street and online retailers including JD Sports.
KPMG administrator Jane Moriarty said at the time: "Following a restructuring programme last year, Gio Goi was unable to return to growth levels enjoyed up until 2009 and has become another victim of the recessionary environment."
The administration resulted in the loss of 24 jobs.
On Tuesday Moriarty said: "I can confirm that we have successfully sold the brand and stock to JD Sports Fashion for an undisclosed sum.
"The joint administrators will now concentrate on realising the remaining assets and winding down the companies."
The deal follows JD’s acquisition of the Henleys fashion brand last September and its purchase of sports clothing designer Source Lab. The retailer is understood to have paid £2.6 million for each business.
Moriarty added: "JD Sports Fashion is renowned for developing brands and will look to build on Gio Goi’s rich history."
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