The struggling online sporting goods retailer Signa Sports United NV (SSU) suffered another setback on Monday. The main shareholder and former parent company Signa Holding GmbH informed the company in a letter that it was withdrawing its financing commitment that was announced just a few weeks ago, Signa Sports explained.
The Berlin-based group of companies, which recently announced its withdrawal from the New York Stock Exchange, includes online shops such as Tennis-Point, Tennispro, Fahrrad.de, Bikester and Campz.
Signa Holding promised a financial injection of 150 million euros in June
At the end of June, Signa Holding made a binding commitment to provide SSU with “additional liquidity” totaling 150 million euros for the period from September 1st of this year to September 30th, 2025. On September 27, the commitment was amended to state that the funds would be used to cover the “ongoing operational financial needs” and to “continue the business activities” of the e-commerce specialist.
Signa Holding has now withdrawn from these obligations. According to SSU, only seven million euros of the total available amount have currently been used.
Signa Sports United announces “appropriate legal action”.
SSU said it was disappointed with the decision. After “years of cooperation characterized by mutual trust” with Signa Holding, the company relied on the binding nature of the financial commitment in order to be able to continue to service short-term liabilities and cover the costs of ongoing business operations, it said in a statement. The online retailer announced that it would now take “appropriate legal steps” in the interests of its shareholders, creditors and employees.
The company, which suffered a decline in sales and a net loss of 196.4 million euros in the first half of the year, announced comprehensive restructuring measures at the beginning of October. In addition to withdrawing from the stock market, the strategic reform program includes savings and the separation of unprofitable business areas.