Leading cycling & multisport retailer Wiggle CRC, which includes the Wiggle and Chain Reaction retail brands, has entered into administration, with an official public notice issued in UK publication The Gazette.
Handling insolvency proceedings for Wiggle are joint administrators and insolvency practitioners Alastair Rex Massey and Anthony Wright both of London firm FRP Advisory Trading.
Operating in a different way to a company liquidation, the administration process involves administrators taking over and running the company. The aim is to take steps to repay creditors and might involve selling the company in its entirety as a going concern.
Administrators can be appointed by an insolvent company’s directors or shareholders, or might be appointed by secured creditors, i.e., those holding a charge or secured loan over the company.
During the administration period Wiggle can continue to trade, and will also be protected from any legal action from its creditors.
The UK-based online retailer has been 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) has reported severe liquidity and profitability challenges for a number of weeks.
Alongside the official notice of administration, Wiggle also issued a statement online…
Wiggle, in administration – Information
Following the making of the Administration Order on 24 October 2023, the affairs, business and property of the Company are being managed by the appointed Joint Administrators Anthony John Wright and Alastair Rex Massey.
The Joint Administrators act as agents of the Company and without personal liability.
All orders made with Wiggle will continue to be delivered as usual, and our standard terms and conditions still apply for item returns and warranty claims.
www.wiggle.com
www.frpadvisory.com
