Signa Sports United (SSU), which earlier last week confirmed that it had lost a major funding commitment from its parent company, said its subsidiary, Tennis-Point GmbH, had filed for insolvency and the overall company is preparing for insolvency proceedings in the coming days.
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Signa Sports’ Largest Shareholder Terminates Equity Commitment Letter
Signa Sports United N.V., which in early October announced plans to delist its shares from the NYSE, said it had received a termination notice concerning the unconditional Equity Commitment Letter from Signa Holding GmbH, an affiliate of the company’s largest shareholder Signa International Sports Holding GmbH.
Signa Sports to Delist Shares, Terminate SEC Reporting; Appoints New CEO
Signa Sports United N.V. reported an acceleration of its strategic realignment and performance enhancement program in light of continuing macroeconomic headwinds, oversupply in the market and the company’s severe liquidity and profitability challenges. In connection with the strategic realignment, the company is delisting its shares from the NYSE and terminating its SEC reporting requirements.
Signa Sports Adds Accell Group’s Former CEO to Board
Signa Sports United N.V. (SSU) announced plans to appoint Anthonie Anbeek, most recently CEO of Accell Group, to its Board of Directors, effective April 1, 2024.
EXEC: Signa Sports’ Q2 Results Waylaid By Bike Inventory Overhang
Signa Sports reported a steeper loss in its fiscal second quarter ended March 31 as sales fell 23.5 percent. The operator of niche sports e-commerce websites also warned of further sales declines and margin compression in coming quarters as it believes another 12-to-18 months is needed for elevated bike inventories to fully clear.
Signa Sports’ Fiscal Q2 Revenues Slide 24 Percent
Signa Sports United N.V. (SSU) reported a wider operating loss in the fiscal second quarter ended March 31 as sales dropped 23.5 percent. The Berlin-based owner of numerous e-commerce sites focused on tennis, outdoor, and team sports said the results reflect continued weak demand versus pre-pandemic levels and “severely elevated” inventories across the marketplace.
Signa Sports United NA Bike Division Makes Two Key Hires
The North American division of Signa Sports United (SSU) hired Lacy Kemp as Nukeproof brand manager and Pace Roghaar as graphic designer for the SSU portfolio of brands.
Signa Sports Partners With Tennis Channel
Tennis-Point, the racquet-sports equipment online retailer owned by Signa Sports United, entered into a multiyear agreement with the Tennis Channel to operate tennis.com and a new merchandise site found on TennisShop.com.
Signa Sports Fiscal Q1 Sales Up 27 Percent But Margins Suffer From Inventory Woes
Signa Sports United N.V. reported that the operating environment in the first quarter of fiscal 2023 was a continuation of the prior quarter, with depressed consumer sentiment and a promotional overstocked market, in particular in the bike category.
Signa Sports Opens North America Bike Office In Park City
Signa Sports United’s North American Bike Division, which makes the Nukeproof and Vitus bikes, opened a corporate office in Park City, UT.
Signa Sports Posts €566 Net Loss In 2022; Sees Bike Overstocks Into 2024
Signa Sports United N.V. posted 28 percent growth in net revenue to €300 million in the fourth quarter and revenues grew 31 percent to €1.063 billion for the full year on a reported basis.
Signa Sports United Hired Managing Director, Tennis-Point Berlin
Signa Sports United hired Stefan Salzer as managing director Tennis-Point Berlin, a German company specializing in selling tennis and running equipment.
EXEC: Signa Sports Cuts Guidance On Consumer And Supply Chain Concerns
Signa Sports United N.V. reported sales grew 29 percent in the third quarter ended June 30 but slashed its outlook for the year due to the sudden deterioration of consumer demand over the quarter and lingering supply chain constraints.
Signa Sports Sales Climb 29 Percent In Q3
Signa Sports United N.V. (SSU) reported sales in its third quarter ended June 30 grew 29 percent, boosted by the full contribution of recently acquired businesses WiggleCRC and Tennis Express. The Berlin-based online platform reduced its guidance for the year due to continued supply chain challenges and weaker consumer spending.
Signa Sports Appoints CEO
Signa Sports United (SSU) has appointed Max Heimann as chief executive officer of the Internetstores Group. Heimann will lead SSU brands, including Fahrrad.de, Probikeshop, Addnature, and CAMPZ across Europe for SSU.
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