Signa is not injecting additional equity, so bankruptcy was to be expected.
The chain of bad news surrounding the Tyrolean real estate juggler René Benko does not end. Signa Sports United (SSU), owner of a number of online sports stores with six million customers worldwide, will file for bankruptcy.
The company itself announces this on its website. The Signa Group, which owns about 50 percent of SSU, had previously withdrawn a financing commitment of 150 million euros. Financial investors are also involved in the company, which was listed on the New York Stock Exchange two years ago and has since been demolished.
Sale of real estate
The best-known SSU subsidiaries are the bicycle shop Wiggle, internet shops (fahrrad.de) and Tennis-Point. The latter filed for bankruptcy last week. The German department store chain Galeria is also in the red.
A real estate sale has been going on for months, with which Signa apparently wants to close the financial holes created by too much debt. 50 percent of the Berlin luxury department store KaDeWe was sold to the Thai business partner. In total, about ten properties worth two billion euros have been sold in recent months, it is said.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
