Image: SEPA.Media | Carsten Harz (www.SEPA.Media)
The provisional insolvency administrator was appointed by the court, according to the insolvency notices. The “Handelsblatt” first reported on it. Signa Sports United (SSU) announced its bankruptcy filing a week ago.
SSU includes numerous online retailers, including Tennis-Point, WiggleCRC, Fahrrad.de and Bikester. The company is registered as a stock corporation in the Netherlands, but is headquartered in Berlin and listed on the New York Stock Exchange. Since it was listed on the stock exchange in 2021, the share has lost around 99 percent of its value, and the valuation has shrunk from $3.2 billion to $11 million today. Signa Holding, controlled by Benko, pulled the ripcord on the online sporting goods retailer last week. The holding company withdrew its commitment to an equity injection of 150 million euros.
Also read: Construction stop at Hamburg Elbtower by Rene Benko’s Signa Group
Partner of 500 stores
Signa Sports United also has partnerships with 500 other stores. The two subsidiaries Tennis Point and Internetstores (fahrrad.de, Bikester) have already filed for bankruptcy. According to “Handelsblatt”, further subsidiaries of the group are expected to file for bankruptcy. Signa Sports United achieved sales of over 1 billion euros with its online subsidiaries in 2022, but also losses in the three-digit million range.
From the archive:
- Benkos Signa Holding made a loss of over 500 million euros in 2022
- Signa Holding: Rene Benko hires German restructuring experts
- Signa Sports subsidiary Tennis Point files for bankruptcy
- Benko’s sporting goods retailer Signa Sports in distress
The Signa International Sports Holding (SISH) around Benko recently held 48 percent of the listed Signa Sports United, six percent is held by the British financial investor Bridgepoint, the former Wiggle owner. The Japanese SoftBank Capital Partners, the British MIC Capital Management and the Saudi Arabian Public Investment Fund each have 1.2 percent. The rest of the SSU shares are in free float.
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