The sporting goods division of the SIGNA Group, founded by the Austrian investor René Benko, says it is in financial difficulties.
Tennis-Point GmbH, based in Germany and based in North Rhine-Westphalia, one of the largest subsidiaries of SIGNA Sports United NV, has filed for bankruptcy with the responsible district court, SIGNA Sports United (SSU) announced on Friday. The reason was the insufficient financial resources following the termination of an equity commitment from SIGNA Holding GmbH. Other units in the sports division, including SIGNA Sports United NV as the parent company, would prepare to open insolvency proceedings in the coming days, it said.
SIGNA Sports United is an e-commerce company specializing in sports and headquartered in Berlin. It operates in the cycling, tennis and outdoor sectors and has more than 80 online sites and partnerships with 500 other shops. These include Tennis-Point, WiggleCRC, Fahrrad.de, Bikester, Probikeshop, Campz, Addnature and TennisPro. According to the company, the number of customers is six million.
Since its IPO at the end of 2021, the market value of SIGNA Sports United has fallen from $3.2 billion (around €3 billion) to just a few million dollars. At the beginning of the week, Benko’s SIGNA Holding withdrew a financing commitment of 150 million euros for SIGNA gna Sports United.
In Germany, SIGNA owns, among other things, the Galeria Karstadt Kaufhof (GKK) retail chain. A restructuring plan calls for the closure of around a third of the 129 branches. At the beginning of June, Benko’s SIGNA Group sold the operational business of the Austrian furniture retailer Kika/Leiner. The furniture retailer with its 40 branches filed for bankruptcy shortly afterwards.
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VIENNA/BERLIN (dpa-AFX)
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