Wiggle could face insolvency following its owner Signa Holding has withdrawn funds from the division that owns the bikes etailer.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 United (SSU).
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SSU, which bought Wiggle in 2021, said the unjustified move jeopardises its ability to continue as a going concern.
Following the funding withdrawal, it placed the online retailer, Tennis-Point, into insolvency and warned that other subsidiar…
Read the full article at: https://www.retailgazette.co.uk/blog/2023/10/wiggle-insolvency/