AUCH, France – French wholsesaler José Alvarez has gone into receivership. The recapitalization that took place last year and the new MD – Eric Calmand - that took control at the beginning of 2008 apparently were not enough to rescue the company. According to the French trade publication Sporting Goods Intelligence, the company was burdened with outstanding debts of € 8 million.
For some years there has been talk about financial problems at Alvarez, part of a holding company called netHub along with bike retail chain Bouticycle. After an April 2007 shareholders meeting netHub managers Francoise Ricouard and Alain Goetzmann were forced to resign and left the company. José Alvarez shows on its website that it still distributes parts and accessories from brands like Hayes, Easton, Campagnolo, Zefal, Vittoria and others.
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