Online cycle retailing giant Wiggle Chain Reaction Cycles has been telling suppliers that it will not be paying invoices and that it is cancelling orders of more stock, Cycling Weekly and CyclingNews have learned.
This afternoon, Wiggle’s parent company Signa Sports United (SSU) put out a statement saying its “legal entities” were “currently in the course of preparing” insolvency filings.
It said the termination of 150m of financing guarantees from the firm’s ultimate parent Signa Holdings had left it with a “lack of funds to cover the operational financing need of SSU entities”.
Multiple sources have told the CW and CN that the retail giant isnt taking on more stock as it scrambles to formulate a plan to deal with the financial si…
Read the full article at: https://www.cyclingweekly.com/news/wiggle-chain-reaction-cycles-pauses-invoice-payments-and-cancels-orders-as-insolvency-looms