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 from its parent company. The company has reported serious liquidity challenges and had begun the process of delisting from the New York Stock Exchange. It announced Friday that is preparing to make insolvency filings for its various subsidiaries in the coming days.
Tennis-Point GmbH, a Germany-based e-commerce retailer owned by Signa, already has filed for insolvency in Germany.
Signa ow…
Read the full article at: https://www.bicycleretailer.com/industry-news/2023/10/20/signa-closes-north-american-offices-it-prepares-insolvency-filings