Online cycling, running and swimming retailer Wiggle has reportedly entered voluntary administration in the wake of the funding crisis that has engulfed parent company, Germany-based Signa Sports United (SSU), after the company that controls it announced earlier this week that it would no longer be providing €150 million in funding to the business over the next two years.
https://bikebiz.com/signa-sports-united ... hallenges/Addnature.com
Ballside.de
Bikester.com
Bruegelmann.de
Campz.de
Chainreactioncycles.com
Cycles-for-heroes.com
Fahrrad.de
Ortler-rad.at
Padel-point.de
Probikeshop.com
Redcycling.de
Serious-Cycles.com
Tennis-Point.de
Tennispro.eu
Tennisexpress.com
Vermont-bikes.de
Votec.de
Wiggle.com
https://road.cc/content/news/wiggle-rep ... ion-304591
https://road.cc/content/news/black-frid ... ope-304611
A few of their German shops like fahrrad.de, campz.de, bruegelmann.de are warning that returns are not possible at the moment.
Would be a shame for brands like Prime, dhb, Nukeproof and so on. Not totally surprising that this bust cycle is taking out some rather established businesses.
https://www.pinkbike.com/news/nukeproof ... tures.htmlHap Seliga wrote:Today an amazing group of people has been forced to swallow a bitter pill.
Despite exceeding our top and bottom line FY23 goals handily, SIGNA Sports United North America’s bike division has been forced to cease all operations with less than a few days’ notice. This was triggered Monday by a sudden reneging of a binding 150 million Euro equity commitment to SIGNA Sports United N.V.
To say this comes as a shock is an understatement. I haven’t even begun to be able to process this yet.
Culturally and professionally, we created something entirely unique, built on a common passion to earn rider trust. We had the top talent in America in their respective disciplines, and an entirely novel approach to building a commercial enterprise in our vertical rooted in strong values. We made our culture a focus. We empowered and supported each other. We had each other’s backs, our rider’s backs and we moved with speed and conviction. Vitus and Nukeproof were merely steppingstones on the larger path we were building, and the immediate success of those two brands in this challenging environment speaks volumes about this team. And, to think it's all been done in just over a year!
I could not be more humbled and honored to work alongside and learn from each of you every day. I am better for it. Thank you for being awesome.