Online retailer Signa Sports United files for insolvency

After the online shop Tennis-Point filed for insolvency, the parent company Signa Sports United N.V. (SSU) from the Signa Group of Austrian investor René Benko has also filed for insolvency. This emerged from an online announcement by the Bielefeld insolvency court on Friday. Accordingly, the lawyer Christian Gerloff from Munich was appointed provisional insolvency administrator. The German outlet Handelsblatt had previously reported on this.

SSU announced the insolvency filing of Tennis-Point a week ago and had already announced further insolvency applications of some of the SSU Group companies, including the parent company. The reason for the insolvency filing was the insufficient finances after the termination of an equity commitment by Signa Holding GmbH, SSU reported last week. Previously, Signa Holding had withdrawn a financing commitment of 150 million euros for SSU from Benko. In Germany, Signa owns, among others, the Galeria Karstadt Kaufhof retail chain.

Tennis-Point is based in Herzebrock-Clarholz in Westphalia. SSU N.V. is registered in the Netherlands, but has its headquarters in Berlin. It was not initially known why the insolvency application was filed in Bielefeld.

The e-commerce company SSU went public on the New York Stock Exchange in 2021, peaking at a market value of 3.2 billion dollars. Trading in SSU securities on the New York Stock Exchange had already been suspended on October 11. According to SSU, it owns numerous shops such as Fahrrad.de, Bikester, Probikeshop, Campz, Addnature, TennisPro and Outfitter.