Wiggle faces potential insolvency as owner pulls funds – Retail Gazette

Wiggle could face insolvency following its owner Signa Holding has withdrawn funds from the division that owns the bikes etailer. According to CyclingNews, Wiggle has stopped paying suppliers, cancelled orders and is not receiving goods until further notice. Last Monday, Signa which co-owns Selfridges ended an 130m funding commitment to its sports division Signa Sports…

WiggleCRC stops paying suppliers, cancels orders amid parent … – Cyclingnews

The British eCommerce cycling retail giant WiggleCRC has cancelled orders and stopped paying its suppliers, and is refusing to receive goods until further notice, according to a Cyclingnews source.  The news comes in the wake of a tumultuous few weeks for the brand’s parent company, Signa Sports United (SSU), who first announced an “accelerated restructuring…

Signa closes North American offices as it prepares for insolvency … – Bicycle Retailer

PARK CITY, Utah (BRAIN) Signa Sports United has closed its U.S. offices, which included operations for the Vitus and Nukeproof bike brands and the Hotlines wholesale distribution business, all based in Park City.  Signa, headquartered in Berlin, announced earlier this week that it had lost access to a 150 million euro ($159 million) equity commitment…