Online retailer Signa Sports United, a subsidiary of the Signa Group owned by Austrian investor René Benko, has recently filed for insolvency following the insolvency filing of its subsidiary Tennis-Point. The provisional insolvency administrator appointed by the Bielefeld insolvency court is Christian Gerloff from Munich. This news comes after Signa Sports United announced the insolvency filing of Tennis-Point last week, citing financial issues caused by a withdrawal of a financing commitment of 150 million euros by Signa Holding GmbH.

Signa Sports United had already hinted that further insolvency applications would be submitted for some of its other group companies. The company operates various online shops, including, Bikester, Probikeshop, Campz, Addnature, TennisPro, and Outfitter. It is currently unclear why the insolvency application was filed in Bielefeld, considering Signa’s headquarters are located in Berlin, and SSU N.V. is registered in the Netherlands.

Despite going public on the New York Stock Exchange in 2021 and reaching a market value of 3.2 billion dollars, trading in Signa Sports United securities on the NYSE has been suspended since October 11. The company’s financial troubles have raised concerns about the future of its online retail operations and the overall stability of the Signa Group.

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1. Handelsblatt
2. Signa Sports United