The Signa Group has grown significantly in recent years. Now the company network’s holding company is insolvent – with consequences.
The sporting goods retailer SportScheck, which is part of Signa Holding, files for insolvency. The company, which has 34 branches nationwide and an annual turnover of around 350 million euros, announced that SportScheck was insolvent after Signa Holding filed for insolvency. The management will apply for insolvency proceedings at the Munich District Court later today.
The takeover of SportScheck by the British fashion retailer Frasers Group, which was announced in the autumn, “will not be completed for the time being; however, Frasers is sticking to its takeover plans,” the company said. Other potential investors have expressed interest in taking over SportScheck and the process is now open again. “This makes SportScheck confident that it will find a new, strong partner who will ensure long-term stability for the company.”
The Verdi union called for the sale to Frasers to be completed quickly. The responsible federal specialist group leader, Corinna Groß, told the newspapers of the Funke media group: “Our colleagues finally need good future prospects and a reliable perspective, which this sale offers. They should not have to pay the bill again if someone has speculated.”
All branches, customer service and the online shop continued to operate as normal. Managing director Matthias Rucker said that the bankruptcy was bitter, but also an opportunity to sustainably strengthen the company with its contractual partners and creditors. The restructuring and investor process should be completed by March at the latest.
Source: Stern
