Home Business News DW Sports falls into administration with 1,700 jobs at risk

DW Sports falls into administration with 1,700 jobs at risk

by LLB Finance Reporter
3rd Aug 20 12:47 pm

DW Sports chain and gym have entered into administration with 1,700 jobs at risk due to the coronavirus crisis.

The website has immediately ceased trading with immediate effect and the company will now wind down their entire retail business.

DW Sports will appoint an insolvency firm on Monday following the company suffering a massive financial blow due to Covid which saw shops and gyms close.

Chief executive Martin Long said “As a consequence of COVID-19, we found ourselves in a position where we were mandated by government to close down both our retail store portfolio and our gym chain in its entirety for a protracted period, leaving us with a high fixed-cost base and zero income.

“Like many other retail businesses, the consequences of this extremely challenging operating market have created inevitable profitability issues for DW Sports.

“The decision to appoint administrators has not been taken lightly but will give us the best chance to protect viable parts of the business, return them to profitability, and secure as many jobs as possible.

“It is a difficult model for any business to manage through without long-term damage, and with the limited support which we have been able to gain.

“Having exhausted all other available options for the business, we firmly believe that this process can be a platform to restructure the business and preserve many of our gyms for our members, and also protect the maximum number of jobs possible for our team members.”

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