Signa Sports United, the owner of Wiggle Chain Reaction Cycles and several other cycling retailers, last week learnt that it could no longer rely on €150 million of committed funding from its parent companyThe latest blow in the seemingly never-ending bad news cycle for Wiggle Chain Reaction and other cycling retailers owned by Signa Sports United is that the company has closed its United States offices and is preparing to make insolvency filings.
The future of Berlin-based SSU was looking bleak from midway through last week after its parent company, Signa Holding, withdrew €150m of financing a week after it had delisted its shares from the New York Stock Exchange amid"severe liquidity and profitability challenges". On Friday it was reported that the company is preparing to make insolvency filings for its subsidiaries in the coming days.
The parent company struggles meant further concerns for Wiggle Chain Reaction, the cycling retailer reportedly heading towards administration as a result.reported that it"has seen a notice from the company to a customer" which outlines that without securing an alternative source of funding to SSU , Wiggle will"have no choice but to begin administration proceedings.
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