The latest blow for the cycling retail giant will not come as a surprise, days after Wiggle Chain Reaction entered administration and was put up for sale by administratorsYet more bad news in the ongoing crisis facing cycling retailer Wiggle Chain Reaction as its parent company, the online retail giant Signa Sports United, has filed for insolvency at court in Germany.
Signa Sports United said the funding was essential for the company to meet its obligations and constituted the basis of its ongoing concern and liquidity assumptions. The company, unsurprisingly, branded the termination"unjustified" and said it will take"appropriate legal steps". > What the hell is going on in the bike industry? Wiggle Chain Reaction turmoil discussed on the road.cc Podcast
"Now that we see that an asset sale or restructuring is in process, Wiggle's collapse is clearly a very large brick that's been thrown into the millpond," Hitchens told road.cc.