The latest financial blow, which increases the uncertainty surrounding Signa Sports United’s future, comes a week after the e-commerce giant delisted its shares amid “severe liquidity and profitability challenges”The future of Signa Sports United, the owner of Wiggle Chain Reaction Cycles and several other cycling retailers, appears increasingly bleak following the decision of its parent company to withdraw €150m of financing – just a week after the German sports e-commerce...
“After many years of mutually trusted collaboration and reliable financing between the Company and SIGNA Holding, SSU has relied on the binding and unconditional nature of the Equity Commitment Letter to continue to draw funds to meet its near-term obligations and for its going concern assessment of the Company and its subsidiaries,” SSU said in a statement.
The company – which also admitted that it is suffering from “severe liquidity and profitability challenges” – said that the benefits of being listed on the exchange did not “justify the costs and demands of management’s time necessary to meet the company’s US regulatory commitments”. >"Awful, poor branding, less functionality. What was the point?": Customers not happy with Wiggle's new website, almost seven times greater than the losses sustained in 2021. The company’s former chief finance officer blamed the aftereffects of Covid, Brexit, and ongoing economic uncertainty for the significant drop.