Intersport Spain has filed for voluntary administration in a Barcelona commercial court, aiming to sustain operations and secure its future, the company announced in a statement. The sporting goods retailer previously raised €8 million in a capital increase last October.

“We are not in a liquidation scenario. We remain fully operational, continue purchasing inventory, and supplying our partners, having entered this process from a favorable position,” said Rafael Barbé, general manager of Intersport Spain.

According to the statement, the company has faced financial difficulties for more than seven years due to various challenges that were only partially addressed. This has led to an unsustainable level of financial debt, making a deep restructuring essential to ensure the business’s long-term viability.

Intersport Spain’s net financial debt is currently under €14 million, and the company remains up to date with payments to public administrations and employee salaries.

“We are working on a viability plan that will enable realistic negotiations with creditors to restructure our debt,” Barbé added. Intersport Spain also emphasized that the mechanism it has adopted, in accordance with the September 2022 insolvency law, allows financially distressed companies to renegotiate their debts and restructure their operations with greater safeguards, ensuring long-term viability and avoiding liquidation.

Operating a network of 130 franchise stores and employing more than 130 people in Spain, Intersport Spain generated €67.5 million in revenue in 2023, a 6% decline from the previous year.

In recent months, the company has undergone several leadership changes. In March 2024, it announced the departure of its general manager after just one year in the role, followed by the appointment of a new business director in June. On a global scale, Intersport International confirmed the departure of its CEO, Steve Evers, in December.