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 program” alongside plans to delist from the New York Stock Exchange amid what it described as “severe profitability challenges.” It then suffered another blow as its major shareholder, Signa Holdings GmbH, reneged on an unconditional commitment of funds totalling 150m.
Since then, Cycling Electric has reported that WiggleCRC has filed for “self administration,” citing a letter s…
Read the full article at: https://www.cyclingnews.com/news/wigglecrc-stops-paying-suppliers-cancels-orders-amid-parent-company-financial-woes/