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Signa Sports United's Internetstores GmbH Declares Insolvency

Oct 23, 2023
by Ed Spratt  
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The financial woes continue for Signa Sports United as another subsidiary has filed for insolvency.

Reported today by mtb-news.de, Internetstores GmbH, a subsidiary of Signa Sports United (SSU), has declared insolvency as it filed with the Stuttgart District Court. The latest filing follows news last Friday that one of SSU's major subsidiaries Tennis-Point GmbH also declared insolvency with the warning from SSU that "other legal entities of the SIGNA Sports United group, including SIGNA Sports United N.V. as ultimate parent company of the SIGNA Sports United group, are currently in the course of preparing similar filings."

The SSU subsidiary of Internetstores GmbH was made up of a collection of mainly cycling-based brands with the list including the following online stores:

Addnature
Bikester
Brügelmann
CAMPZ
Fixie Inc.
fahrrad.de
Ortler
Probikeshop
Red Cycling Products
Serious Cycles
Vermont Bikes
Votec

In an update to the news we reported on last week retailers Chain Reaction Cycles and Wiggle have allegedly paused invoice payments and cancelled new stock orders according to a report from Cycling Weekly.




Insolvency statement in full

6 IN 1385/23
In the proceedings on the application

internetstores GmbH, Friedrichstraße 6, 70174 Stuttgart, represented by the managing directors Stefanie Kniepen and Torsten Waack van Wasen
Registration court: Stuttgart District Court Registration court Registration number: HRB 741359
– Debtor –

Legal representative:
Lawyers GÖRG Partnership of Lawyers mbB, Prinzregentenstraße 22, 80538 Munich
on the opening of insolvency proceedings over one's own assets

Decision:

In order to prevent adverse changes in the debtor's financial situation until a decision on the application is made, the following will be ordered on October 23, 2023 at 3:00 p.m. (§§ 21, 22 InsO): 1. Compulsory enforcement measures
including the execution of an arrest or an interim injunction against the debtor is prohibited from doing so unless immovable objects are affected; Measures that have already begun will be temporarily discontinued (Section 21 Para. 2 No. 3 InsO).
2. Becomes the provisional insolvency administrator

Attorney Dr. Christian Gerloff
Nymphenburger Straße 4, 80335 Munich
Telephone: 089 120260, Fax: 089 12026127
info@gl-law.de

ordered.

Dispositions of the debtor over items of the debtor's assets are only effective with the consent of the provisional insolvency administrator (Section 21 Paragraph 2 No. 2 2nd Alternative InsO).
The provisional insolvency administrator is not the general representative of the debtor. Its task is to secure and preserve the debtor's assets by monitoring the debtor's assets (Section 22 Paragraph 1 Sentence 2 No. 1 InsO). The provisional insolvency administrator must check whether the debtor's assets will cover the costs of the proceedings (Section 22 Paragraph 1 Sentence 2 No. 3 InsO).
The debtor is prohibited from having access to all or part of the debtor's bank accounts and outstanding debts. With regard to the debtor's bank accounts and outstanding debts, the power of administration and disposal is transferred to the provisional insolvency administrator. The provisional insolvency administrator is authorized to collect bank balances and other claims of the debtor and to accept incoming funds.

The provisional insolvency administrator is authorized to open special accounts in the name of the debtor or in his name in the capacity of provisional insolvency administrator (according to judgments of the Federal Court of Justice of February 7, 2019, Ref. IX ZR 47/18 and of January 24, 2019, Ref. IX ZR 110 /17) and also have access to these accounts. In this respect, he is authorized to manage mass liabilities i.e. for account management. S.v. Section 55 Paragraph 2 InsO must be justified. The accounts held by the debtor at credit institutions are obliged to provide information to the provisional insolvency administrator.
The debtors of the debtor (third-party debtors) are prohibited from paying the debtor. You are requested to only pay services to the provisional insolvency administrator in compliance with this order (Section 23 Paragraph 1 Sentence 3 InsO).
According to Section 8 Paragraph 3 InsO, the provisional insolvency administrator is commissioned to serve the decision on the debtors of the debtor (Section 23 Paragraph 1 Sentence 2 InsO) and to provide evidence of this.
The provisional insolvency administrator is entitled to enter the debtor's business premises and operational facilities, including the adjoining rooms, and to carry out investigations there. The debtor must allow him to inspect the books and business papers and, upon request, hand them over to him until the decision on the opening of proceedings has been made. It must provide him with all the information necessary to secure the future insolvency estate and to clarify the debtor's financial circumstances.
At the same time, the provisional insolvency administrator is commissioned to act as an expert to check whether there is a relevant reason for opening based on the debtor's legal form and what prospects there are for the debtor's company to continue.
Note:
The publication made in an electronic information and communication system will be stored there at least for the duration of the order's effectiveness. If the procedure is opened, it will be deleted no later than six months after the cancellation or the discontinuation of the procedure becomes legally binding (Section 3 Paragraph 1 Sentence 1 InsOBekV); If it is not opened, it will be deleted no later than six months after the published security measure has been lifted (Section 3 Paragraph 1 Sentence 2 InsOBekV).

Legal remedies:
An immediate appeal (hereinafter: appeal) can be lodged against the decision.
The complaint must be submitted within an emergency period of two weeks to the
Stuttgart District Court
Hauffstrasse 5
70190 Stuttgart
.
The period begins with the announcement of the decision or, if this is not announced, with its delivery or with the effective public announcement in accordance with Section 9 InsO on the Internet (www.insolvenzknownmachen.de). The public announcement is sufficient to prove delivery to all parties involved, even if the InsO also requires special delivery, Section 9 Paragraph 3 InsO. It is deemed to have taken place as soon as two more days have passed after the day of publication, Section 9 Paragraph 1 Sentence 3 InsO. The event that occurred first (announcement, delivery or effective public announcement) is decisive for the start of the period.
The complaint must be made in writing or by means of a statement recorded in the registry of the said court. It may also be recorded in the registry of any district court; However, the deadline is only met if the protocol is received by the above-mentioned court on time. Legal involvement is not required.
The complaint must be signed by the complainant or his authorized representative.
The notice of appeal must contain the name of the contested decision and a statement that an appeal is being lodged against this decision.
The debtor or the debtor's creditors may lodge an immediate appeal against the decision in the same way, insofar as the aim is to challenge the lack of international jurisdiction in the opening procedure of main insolvency proceedings in accordance with Article 5(1) of Regulation (EU) 2015/848 (Article 102c - § 4 EGInsO).
Appeals can also be lodged as an electronic document. An appeal by email is not permitted. How you can file electronically with the court is described at www.ejustice-bw.de.
Applications and declarations to be submitted in writing, which are submitted by a lawyer, by an authority or by a legal entity under public law, including the associations formed by it to fulfill its public tasks, must be transmitted as an electronic document. If this is temporarily not possible for technical reasons, transmission remains permissible in accordance with the general regulations. The temporary impossibility must be made credible when submitting a replacement or immediately afterwards; An electronic document must be submitted upon request.
Stuttgart District Court – Insolvency Court – October 23, 2023





Posted In:
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Author Info:
edspratt avatar

Member since Mar 16, 2017
3,306 articles

167 Comments
  • 149 5
 Whaaaat no way, rising prices combined with layoffs combined with companies treating the vid-era influx of consumer purchasing as a “new norm” results in fewer people with enough disposable income to allow them to purchase new bike stuff even though the now-surplus of inventory is largely on sale which forces companies to further layoff because they aren’t making money?

Who woulda thunk.
  • 263 3
 Time to sell my custom Sprinter, sell my 3rd and 4th MTB, get a job, return to the office, forgo my addiction to house plants, and stop baking bread on Instagram Live
  • 74 0
 Actually I think the problem is more the austrian investor Mr Benko. It's not the first time
  • 24 0
 @bashhard: Good point. Even though the effect is felt in the bike industry, maybe the causes aren't really rooted in the bike industry. bnn.network/politics/rene-benkos-real-estate-empire-on-the-brink-a-crisis-unfolding
  • 16 9
 @TEAM-ROBOT: It's f*cking ridiculous that one Swiss real estate tycoon's f*ck up is tanking a huge sector of the bike industry. And I think there's going to be knock-on effects that ripple around the bike industry that are not directly tied to Signa, but are influenced by it.
  • 12 0
 Nukeproof strutting around on their socials like “we’re fine - what are you talking about? Pshhhh those are just rumours!”
  • 163 0
 @ScandiumRider: AUSTRIAN, not Swiss. Easy to remember: the Swiss flag is a big plus, the Austrian one a big minus.
  • 5 0
 @sickriderch: Good catch, that's my error. So many mentions of "Swiss" investing in Team Robot's link that it stuck in my mind.
  • 5 0
 @TEAM-ROBOT: Also doesn't help when revenue at SSU was 1 billion Euros and in that same year have a loss of 500,000 euros. Not many companies can work through that loss and no backer will continue to fund those losses. I am sure the people at SSU had plans but I don't see many ways out of a hole that large in the bike biz. You don't get a lot of big swings from losses to gains to cover down years.
  • 2 0
 @Chondog94: nah you’re living the new normal. Enjoy
  • 13 0
 @VicSandrin: I'm not sure I follow. A billion euros and they can't recover from a five hundred thousand euro loss? That's like having $1,000 and saying you can't recover from losing $0.05 (five cents)...
  • 9 0
 @Chondog94: Never stop baking the bread.....never!!! lol
  • 13 1
 @ScandiumRider: it's 1 billion revenue and 500 millions loss .
So every single Euro they earned cost them 1.50 Euro.
No one can survive this.
Next one is german online shop bike24.de who is getting into trouble.
And probably more will follow...
  • 3 0
 @s7ngletrail79: Ah, that makes more sense!
  • 4 0
 @Chondog94: ....I WILL BUY YOUR SPRINTER FOR THE RIGHT PRICE! Big Grin
  • 5 0
 @sickriderch: stealing this joke. solid shit! lol
  • 3 0
 @Chondog94: livin' in the new world
  • 1 0
 @Chondog94: so much for living my best life
  • 3 0
 @Chondog94: whoa, all good till you got to the bread... my sourdough is going strong still (granted I don't IG live my proofing, but I broke my toddler - they won't eat a red baron frozen pizza, it is only freshly fired soudough crust)
  • 3 0
 @ScandiumRider: Wiggle CRC made ~90 M pound loss last year. So it's not just a tycoon messing about.
  • 1 0
 @kiisseli: Yes but the budgeted getting a €150m investment from signa
  • 1 0
 @briain: The 150 M funding was to Signa Sports, not all for Wiggle CRC.
  • 1 0
 @sickriderch: you get a ++ for this comment.
  • 1 0
 @briain: As far as I understand, that was 150M total from Signa Holding to Signa Sports, just a fraction of it would have gone to CRC.
  • 1 0
 @kiisseli: OK, Obviously read that wrong but Signa would have still acted as a guarantor to CRC/ Wiggles debts. But it does ask the question what the longterm business plan was
  • 1 0
 @bananowy: OK, Obviously read that wrong but Signa would have still acted as a guarantor to CRC/ Wiggles debts. But it does ask the question what the longterm business plan was
  • 2 0
 @TEAM-ROBOT: “Felt”…heheh
  • 1 0
 @Chondog94: Times are tough. You gotta do what you gotta do.
  • 2 0
 @jeredbogli: My wife started with the sour dough last year from a neighbors starter. After a few attempts, she has it on point now. I am officially an addict. lol
  • 1 0
 @ScandiumRider: half a billion dollar loss, sorry I mis-typed the number. its a lot!
  • 1 0
 This has more to do with a shark investor and shitty private equity games than bad bike biz.
  • 1 0
 @yakimonti: This, but also their buying teams going nuts in 2021 and 2022 thinking doubling the business every year will be the new normal.
  • 49 3
 Yeah I worked at a bike company during the bubble. All the leadership ever said was “we’re gonna grow like crazy! Double our output! Take over the world!” Meanwhile us grunts actually had the clarity of mind to see that the bubble was actually a bubble. Now that company is in trouble and us smart ones jumped ship.
  • 6 8
 Fezzari seems to have done ok through this.
  • 25 0
 It's crazy how the powder sniffing class see a line going up, then immediately assume it will keep going up forever. Line goes up *sniff* we're all going to be rich!
  • 10 6
 @Fix-the-Spade: all classes sniff that powder pal hahaha!
  • 12 0
 I work in the outdoor clothing industry. Fortunately we knew the pendulum was gonna swing backwards, but holy crap it blew my mind how many big names didn't. Straight up moronic optimism.
  • 6 0
 @bouldertom: Not for £100 a gram they don't.
  • 9 0
 @Fix-the-Spade: That's the funny thing, a lot of these corporate types like to talk about how replaceable most of their labor force is... In reality the higher you get up the food chain the more replaceable you are.
  • 1 0
 @bouldertom: I was thinking the same
  • 5 0
 @mustbike: buddy of mine works at one - they’ve managed their stock well, but that doesn’t matter when Trek, Spesh and Pon have done what they’ve done. Hell, I’d bet yeti hasn’t been that irresponsible but even their bikes, less than a year from launch are on sale at 25% off.
  • 3 0
 Like contestants on shows like Dragons Den when a Dragon asks how they come up with a million dollar valuation for their company: "Well, we did $10k the first year, $100k in year 2, so we expect to do a million bucks in year 3. Makes sense."
  • 1 0
 @shredddr: that's because they're about 50% overpriced. If you looked at full RRP in 2018 versus 2021 they'll be 2 to 3 times as much and there was always deals to be had in 2018. So this is the reckoning now
  • 1 0
 @briain: you’re saying bikes doubled and tripled in price through COViD. No. We’d have seen 30k Yetis.
  • 1 0
 @shredddr: Well my 2018 mega had a 3k rrp and the 2021 had a 7.5k rrp. The difference was in 2018 there were deals on megas in 2021 there weren't any. So maybe the Yeti's which were at the top of pricing to begin with didn't move as much. Also, bear in mind different countries get vastly different pricing structures. A case in point would be that it's cheaper for me to buy EXT in Ireland than it is Fox factory suspension
  • 2 0
 @shredddr: Getting pretty close in Canadian dollars eh.
  • 1 7
flag j1sisslow FL (Oct 24, 2023 at 7:15) (Below Threshold)
 @eicca Burn bridges much? Your profile is not shrouded in anonymity.
  • 2 0
 I had a very similar experience. When we were posting summertime numbers in January I said "we're borrowing from the future right now." Welp, the future is here ready to break the kneecaps of anyone who won't pay up
  • 1 0
 @sammybikes916: Are you saying Mike's Bikes is going to face the same fate as CRC?
  • 1 0
 @j1sisslow: I see how you would interpret it that way, but definitely not what I saying. Just saying that everyone is feeling the squeeze right now, and the ones who saw the bust coming after the 'Rona Bike Boom and planned accordingly are the ones who will live these next years with a little bit lower blood pressure than those who did not.
  • 49 1
 Not Fixie Inc!!!!! What will the hipsters do now?
  • 672 0
 Backpedal
  • 37 0
 @speed10: 10/10 would upvote again.
  • 41 2
 @speed10: this deserves the slowest of claps.
  • 30 1
 @speed10: this is the single best comment on the whole of Pinkbike. f*cking 11/10
  • 4 1
 @speed10: no more upvotes peeps. Magic number achieved by the comment goat.
  • 1 0
 Doh!
  • 8 0
 @speed10: Thank you for contributing to my happiness
  • 5 0
 @speed10: I'd like to reach into the computer and shake your hand.
  • 1 0
 What will the world do without cheap high tensile steel fixed gears! Dam it Fixie Inc why did it have to be you?
  • 3 1
 @speed10: #commentgold right there
  • 11 0
 @speed10: see you in the annual comment review!
  • 1 0
 One Less Fixie Inc.
  • 2 0
 @speed10: Kudos man..... Kudos
  • 17 0
 I’m seriously shocked. Thanks for the upvotes. I’ll cherish them.
  • 2 0
 @speed10: you deserve it. I laughed.
  • 1 0
 @speed10: chapeau, my friend Big Grin
  • 1 0
 12 speed wireless
  • 2 0
 @Zaeius: They will have to get back on the 1972 Honda CB 350s.
  • 28 0
 Long live Pricepoint.com where the price, is the point!
  • 13 0
 We still have Jenson!
  • 5 0
 @cuban-b: to the best of my knowledge, Jenson is still owned by a guy who likes bikes a lot, not a multinational conglomerate.
  • 5 0
 Is wrong that I blame that website for the near 100% consistency that you see people take about an item’s “price point” when they really just mean “price”?
  • 24 0
 I guess all those Fixie customers are actually going to have to shift gears....
  • 2 0
 On any other thread this would be comment gold. ^
  • 1 0
 @VtVolk: I wish I could cash my comments in then
  • 27 11
 As someone who has operated as an MTB distributor selling bikes to IBD in Asia for 22 years, I gloat over this news, CRC tried to torpedo my company for years. Now I am still going and they are no more. Suck a big fat one CRC. I won!
  • 8 0
 Who told you you had a fat one, Lachance?
  • 12 17
flag chillescarpe FL (Oct 24, 2023 at 0:06) (Below Threshold)
 Nice of you to sympathise with the thousands and thousands of families facing uncertainty now and how they are going to pay for shopping or mortgage or childcare. Learn to be humble and quiet because you never know what your future holds
  • 1 2
 @bishopsmike: I think he is referring to his fat head
  • 3 0
 Well, there not gone yet and someone will almost certainly buy them like sportsdirect. So I wouldn't count my chickens quite yet
  • 12 0
 Just a standard story of a parent company who borrowed big to acquire companies, coming off the back of a low interest financing and having to finance at higher rates which they cannot afford. It happens in every recession (yes we are in one) and its not just the bike sector. This story is playing out everywhere, it just appears first in the most overleveraged places. We are going to see more brands and companies go. Sadly this is just the start.

And I do agree that gloating over mass job losses and how that impacts individuals lives and livelihoods is a bit distasteful. You never know when it might be you and it is a thoroughly unpleasant uphill struggle.
  • 7 0
 Sucks for probikeshop. Basically every extra penny I had went to them when I started working
  • 4 0
 The prices used to be very good, but lately lack of stock and higher than msrp prices
  • 3 0
 Surprised about probikeshop, they have one of the best shopping experiences as you can actually filter and find stuff with the right standards for your bike.
  • 2 0
 @Mugen: Just took a look at there site and they are the first Online Shop I've seen where a Zeb Ultimate costs more than 1000€. Heck they want 1190€ for a '21 Lyrik Ultimate
  • 4 0
 CRC/Wiggle 90Mil losses, I just cant comprehend how a company can loose that much money, wages, rental, bills, buying in stock, I get it that's a lot of out goings, but 90Mil, something has seriously gone wrong there, some serious mis management of money probably going back years
  • 1 0
 bike and components orders went to a huge lead time. I heard about 24 months so they got loads of supply as demand dropped off. At least that would be my guess, they've basically had a permanent sale since this time last year
  • 4 0
 I don't get it either. CRC were my go to for many years then suddenly they were rubbish. Glitchy website, never anything good in stock, etc. It started with slower delivery times and went downhill from there. Don't know how it went so wrong for them.
  • 4 1
 For most people bikes are toys and when there's less money in the pocket they spend less on toys. Until gas/food/rent prices retreat or at least stabilize toy sales will continue to decline. Even a demographic that's getting younger won't help if everyone's poor. I'm hoping things bottom out in '24 and start improving in '25. We pulled so much bike demand forward in time during the lockdowns. Most people don't buy a new bike every 2 years. During lockdowns inventory was king but now cash is king and it's going to be a long slow winter in the bike biz in N.A.
  • 4 0
 Long winter for the bike industry, but you can also expect summer 2024 to be on the slow side as inflation continues to hit on top of the high interest rates that will start to do some real damage. Huge discounts will be required to move inventory otherwise people will just keep what they have or shop used. We're not done going downhill.
  • 2 0
 @rick26: i only ride downhill!
  • 2 0
 @rick26: I feel like the car industry is going to go through the same thing. Truck prices in the US have gotten way out of hand.
  • 3 0
 Nature is probably healing (i dont mean to be disrespectful to people who lost their job due to this). Just found out that f.e. frame-prices at commencals online store went back to pre-corona times.
  • 6 1
 So does this mean nukeproof is done?
  • 3 9
flag bouldertom (Oct 23, 2023 at 15:55) (Below Threshold)
 Did it say that anywhere….
  • 2 0
 You can do millions in business and not make any money. A race to the bottom that you don't want to win, haha. Cheap seems good but it isn't.
  • 2 0
 I feel like most of us just want to know what the future of nukeproof is
  • 1 0
 So, I bought a Nukeproof bike on Bikester four month ago.
Am I screwed or am I screwed?
  • 1 0
 Man, I still miss PricePoint……
  • 1 0
 Just here hoping to find a definitive answer about Nukeproof. Lol.
  • 1 0
 Chain Reaction Cycles AND Probikeshop? Well, sh*t.
  • 2 1
 They got to greedy
  • 2 1
 Burn baby burn!
  • 1 0
 Never heard of em
  • 3 6
 rip sigma sports
  • 19 0
 No Signa.... The guys at Sigma Sports must be really getting hacked off by this now.....
  • 1 3
 @maddawgkeef: I don’t get it
  • 7 0
 @KeithShred: Signa and Sigma are not the same thing.
  • 21 0
 @KeithShred: Ever had some n&n's?
  • 6 0
 @chrsei: Only W & W's
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