After a dramatic collapse in financing for parent company Signa Sports Unlimited, cycling online realtor Wiggle CRC has slipped into administration.
Wiggle and Chain Reaction Cycles merged in 2016. The merged online realtors were acquired by SSU in 2021. Both WiggleCRC specifically and SSU have struggled financially in the years since.
Despite Wiggle CRC’s financial struggles, potential buyers are already expressing interest in the online realtor. Sky News reports that U.K.-based Frasers Group, owner of Sports Direct, is interested in buying Wiggle CRC.
That sale would include the online realtor as well as its two bike brands, Nukeproof and Vitus.
Signa Sports Unlimited’s rapid unraveling started when its largest investor, holding company SIGNA International Holding GmbH, withdrew a Euro 150 million equity commitment. Bicycle Retailer initially reported that SSU would contest the withdrawl of the GmbH’s financial commitment. In the weeks since, though, the company has slowly collapsed. The administration and potential sale of WiggleCRC is the latest step in that process.
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