Signa Group in trouble
Investor Benko’s online sports retailer is bankrupt
October 27, 2023, 2:04 p.m
Listen to article
This audio version was artificially generated. More info | Send feedback
Recently, the Galeria Karstadt Kaufhof department store chain got into trouble again despite public aid. Now the sporting goods division of investor René Benko’s Signa Group is also experiencing financial difficulties.
As expected, the online sports retailer Signa Sports United (SSU), which is controlled by investor René Benko’s Signa Holding, has filed for bankruptcy. The Bielefeld district court, where the application was filed, appointed Munich lawyer Christian Gerloff as insolvency administrator, according to a statement from the court.
SSU, which is run from Berlin but registered as a Dutch company in Amsterdam, is the parent company of dozens of Internet retailers in the sporting goods market such as Tennis-Point, fahrrad.de, Campz and Outfitter.
The Signa Holding of the Austrian real estate investor Benko brought SSU to the New York Stock Exchange two years ago. When it recently withdrew a financing commitment of 150 million euros, its first subsidiary, Tennis-Point, slipped into insolvency a week ago. A few days ago, Stuttgarter Internetstores GmbH followed, which is the umbrella for bicycle retailers such as fahrrad.de, Probikeshop and Brügelmann. Gerloff, who is considered a trading specialist, has also been appointed as insolvency administrator there. Benko’s Signa Group also owns the Galeria department store chain.
The real estate industry is under pressure. Increased interest rates and rising refinancing costs, skyrocketing material prices and high inflation are causing problems for owners, developers and investors. The Galeria department store chain from Karstadt and Kaufhof recently slipped into difficulties again despite public aid, and the insolvency proceedings ended in the spring. The restructuring expert Arndt Geiwitz, who had already advised Benko at Galeria, recently received a corresponding contract for the entire Signa Holding.