Having entered into administration in October 2023, cycling & multisport retailer Wiggle CRC, which includes the Wiggle and Chain Reaction online retail brands, has reportedly been acquired by Frasers Group.
Owned by retail entrepreneur Mike Ashley and led by CEO Michael Murray, Frasers Group has a diverse retail portfolio in the UK – including high street and online retailers Sports Direct and Evans Cycles.
According to a report in The Times, Frasers ‘paid less than £10 million for the Wiggle brand.’ The Times report added that the acquisition will result in 447 employees losing their jobs. At the time of writing, an official announcement has yet to be made by Frasers Group.
During its administration period WiggleCRC has continued to trade, with extensive discounts available for consumers via its Wiggle website and app.
In 2023, the UK-based online retailer was hit with cash flow issues amidst a number of challenges faced by its owner, Germany-based online retail specialist SIGNA Sports United.
Citing ‘subdued demand’ from consumers and overstocking, Wiggle CRC owner SIGNA Sports United (SSU) reported severe liquidity and profitability challenges, which ultimately led to insolvency.
www.wiggle.com
www.frasers.group
