WiggleCRC, which consists of online sports retail giants Wiggle and Chain Reaction Cycles, has begun the self-administration process.
Following the withdrawal of funds from parent group Signa Sports United in the last few days, the future of the British company is now in doubt and a restructuring assessment is underway.
If it does collapse, it’ll be a big loss! Great source of parts at cheap prices, although their stock levels have been pretty rubbish recently (but explains a lot now).
Full article: https://www.cyclist.co.uk/news/wiggle-crc-self-administration
by BigFluff_LittleFluff
1 Comment
>It is believed that the termination of the funding commitment comes as a result of the broad coverage the portfolio offers across a plethora of sports and so the financial troubles do not stem simply from a cycling market that, as detailed on Cycling Electric this week, is presently battling severe headwinds related to oversupply in the market
So yet another case of a foreign multinational shutting down a well-liked business they previously took over because they decided it doesn’t fit in their strategy. in CRC Sigma Sports has basically fucked over one of Northern Ireland’s most successful homegrown businesses.
Though the Wiggle takeover/merger in 2016 did nothing good for the sport or consumers and only made sense from an anti-competitive standpoint, if that hadn’t been allowed this wouldn’t be happening now.