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Giacomelli: The Never Ending Story

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MAARSSEN, Netherlands (December 1) – In the saga around Giacomelli and Longoni Sport the recent developments are: the receivers have managed to persuade the bulk of the suppliers to stock some 60 stores for xmas. A total amount of € 10 million worth of sporting goods will be delivered to the most profitable outlets. Payments […]

MAARSSEN, Netherlands (December 1) – In the saga around Giacomelli and Longoni Sport the recent developments are: the receivers have managed to persuade the bulk of the suppliers to stock some 60 stores for xmas.
A total amount of € 10 million worth of sporting goods will be delivered to the most profitable outlets. Payments however, will have to be c.o.d. only. And due to the amount involved these will be made in installments.
These 60 chosen stores are the most profitable in the Giacomelli-Longoni group. The announced takeover of the group by the US Sports Authority will have given the Americans cause for some laughs…the reality is that Jack A. Smith, the company founder had used the old Sports Authority letterhead to write his letter of application…He was offering his services to the Giacomelli groups as a consultant, but not acting on behalf of the Sports Authority at all! He stepped down from SA in 1999 but is still a substantial shareholder. He states that he can help Giacomelli wit his experience, his still excellent connections with many suppliers and of course his ability to put up large sums of money if need be…A final decision who will take over Giacomelli/Longoni is not to be expected until the beginning of 2004. Offers have been received from various bidders over the last few days and others are to be expected – among which the Italian Sport & More company which has already taken over 6-7 stores in Poland.(MH)

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