In a significant development, Signa Sports United N.V. (SSU), the parent company within the Signa Group led by Austrian investor René Benko, has filed for insolvency. This decision follows the recent insolvency filing of its subsidiary, Tennis-Point. The Bielefeld insolvency court made this announcement through an online statement. The court has appointed Munich-based lawyer Christian Gerloff as the provisional insolvency administrator, as reported by Handelsblatt.
Last week, SSU had already signaled the insolvency filing of Tennis-Point and announced the impending insolvency applications of several SSU Group companies, including the parent company. The primary reason behind these insolvencies is the discontinuation of an equity commitment by Signa Holding GmbH, which amounted to 150 million euros. Signa Holding had withdrawn this financing commitment from Benko, impacting SSU’s financial stability. Signa also holds ownership in entities like the Galeria Karstadt Kaufhof retail chain in Germany.
Tennis-Point, headquartered in Herzebrock-Clarholz in Westphalia, and SSU N.V., registered in the Netherlands but headquartered in Berlin, have been affected by this financial challenge. The decision to file the insolvency application in Bielefeld was not immediately clarified.
SSU, an e-commerce company, made its debut on the New York Stock Exchange in 2021, reaching a peak market value of 3.2 billion dollars. Trading in SSU securities on the New York Stock Exchange was suspended on October 11. SSU operates a portfolio of online stores, including Fahrrad.de, Bikester, Probikeshop, Campz, Addnature, TennisPro, and Outfitter.