National sports retailer DW Sports is set to enter administration – putting 1,700 jobs at risk – due to the continued devastation of the retail sector, caused by COVID-19.
Up until the announcement, DW Sports operated 73 gyms and 75 stores across the UK – and had already made plans for the 148 sites.
All of its stores are to close immediately, however, administrators BDO have announced plans to save as many of the gyms as possible following a transition period. BDO plans to sell as much of the remaining business as possible.
DW Sports CEO 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.
“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.
The DW Sports website has ceased trading with immediate effect.