All articles by Jo Beckendorff – Page 3
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ArticleInsolvent WiggleCRC’s new business model focuses on the UK
In the wake of the insolvency of Signa Holding, the British subsidiary WiggleCRC of Signa Sports United (SSU) also had to file for insolvency on Oct. 24. The appointed administrators Anthony John Wright and Alastair Rex Massey of London-based management and restructuring consultancy FRP Advisory have now announced a new ...
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News briefsNew board for CONEBI
At its 2023 General Assembly, held Nov. 28 in Brussels, the Confederation of the European Bicycle Industry (CONEBI) elected a new Board of Directors. The board of the European national bicycle and bicycle parts industry umbrella organization was also expanded. While one board member stepped down, three new members were ...
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ArticleHarley-Davidson’s e-bike offshoot Serial 1 changes hands
The e-bike supplier Serial 1 Cycle Company, founded by the iconic US motorcycle manufacturer Harley-Davidson in 2020, has been sold to LEV Manufacturing. This provider of light electric vehicles (LEV) focuses on US production “using processes from the free trade zone with a US certificate of origin.” The purchase price ...
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News briefsHartmobile applies for a temporary suspension of payments
The current tense situation in the bicycle industry has put another company in dire financial straits: Last week, Dutch e-bike provider Hartmobile B.V., the parent company of Dutch e-bike brand Qwic, filed for a suspension of payments in its homeland. According to a report published on the Dutch bankruptcy website ...
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News briefsTraffic Distribution sets up its own bicycle wholesaler branch in the UK
German bicycle wholesaler and importer Traffic GmbH (Traffic Distribution) is expanding its activities in the UK, setting up its own branch with a warehouse and office in Hastings under the name Traffic UK. Since Brexit, EU and UK companies have tried to continue doing business while avoiding additional costs ...
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ArticleGiant Group reports further slump in sales and profit in the western markets
Back in August, Giant Manufacturing reported a sales high in China in Q2, which more or less made up for the slump in sales in Europe and North America. In Q3, this was no longer the case – both the consolidated sales and the profit dropped by double digits. Consolidated ...
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ArticleIdeal Bike posts further losses – will Q4 save the day?
After Taiwan’s third-largest bicycle manufacturer Ideal Bike Corporation slipped into negative numbers in H1 of FY 2023, the negative operating results and net losses have continued in Q3. At TWD 3.23 billion (€92.78m), total sales in the third quarter of 2023 were 21.7 percent lower than in the same period ...
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ArticleMerida’s sales and profit down double-digits in the first 9 months, but…
Taiwan’s second-largest bicycle manufacturer Merida Industry Co., Ltd., achieved total sales of TWD 22.53 billion (€651.44m) in the first three sales quarters of FY 2023. Compared to the first nine months of the previous year, this is a decrease of 14.6 percent. Despite this double-digit decline in sales, gross profit ...
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News briefsInsolvent KSR Group to continue as a going concern
On Nov. 8, representatives of the creditors of the Austrian two-wheeler wholesaler and importer KSR Group GmbH, which slipped into insolvency on Sept. 6, 2023, met at the Krems District Court. Also on site: The appointed Restructuring Administrator Dr. Christoph Sauer from the law firm Riel Grohmann and the owners ...
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News briefsKask launches new website, goes multi-channel
On Nov. 8, Italian manufacturer Kask launched its new website with a new interface design and many new functions, including the brand’s first online store. The new website is available in five languages (Italian, English, French, Spanish and German) and is divided into sections for cycling, winter sports and equestrian ...
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ArticleInventory levels and sluggish consumption continue to weigh on hGears’ business
German precision gear and component manufacturer hGears AG has announced its figures for the first nine months of FY 2023. It generated consolidated revenue of €84.1 million in these first three sales quarters. This is 18.8 percent less compared to the same period of the previous year. The company said ...
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ArticleLeatt with a positive outlook on the horizon despite weak Q3 results
The two-wheeler protective equipment supplier Leatt Corporation from Durbanville, South Africa, has suffered further heavy losses in the third quarter of the current financial year. Compared to Q3 of the previous year, total sales fell by 48 percent to US$12 million. The result for the first three sales quarters of ...
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ArticleSSU: What has happened so far – and what may still come
In a joint statement, the two insolvency administrators appointed, Dr. Christian Gerloff from the Munich law firm Gerloff-Liebler Rechtsanwälte and Stefan Meyer from Ulm-based Pluta Rechtsanwalts GmbH, point out that the operational business of the two insolvent Signa Sports United (SSU) spin-offs Tennis-Point GmbH and Internetstores GmbH (alias Internetstores Group, ...
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News briefsSpecialized Germany bolsters marketing and finance management
Following the official opening of the “only mono-brand store in Germany Specialized operates itself” on Sept. 23 in Munich, Market Leader Germanic Markets Michael Richter has welcomed two new employees to the management of Specialized Germany GmbH. Both will report directly to Richter. While brand and marketing specialist Christian Lutz ...
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ArticleFox Factory’s SSG sales slump weighs on overall result
With the presentation of the Q3 report for FY2023, suspension specialist Fox Factory Holding also announces the signing of a definitive agreement to acquire Marucci Sports’ parent company Wheelhouse Holdings. At the same time, the US company has adjusted its sales forecast for 2023 downwards to between $1.43 and 1.47 ...
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ArticleBike24 reports sales increase for complete bikes, PAC sales drop
As previously reported, the board of listed e-commerce bicycle retailer Bike24 Holding AG has adjusted and downgraded its previous full-year forecast “based on preliminary calculations for the third quarter of 2023.” The Q3 report, presented on Nov. 2, highlights the continued growth of its complete bike sales instead of declining ...
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ArticleMips: Gloomy year due to high inventory levels
Both weak demand and high inventory levels in the bicycle helmet category, which is also served by helmet safety technology provider Mips AB, led to another whopping 31.9 percent drop in sales in Q3 of FY23 compared to the same quarter in 2022. However, the situation gradually improved during the ...
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News briefsBike24 again revises 2023 revenue forecast
Based on preliminary calculations for the third quarter of 2023, the Management Board of listed e-commerce bicycle retailer Bike24 Holding AG decided on Oct. 25 to adjust the forecast for the company’s revenue development in fiscal year 2023, or more precisely: to correct it downward. The company’s already revised forecast ...
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ArticleWSF extends existing crowdinvesting campaign
In August, Austrian bicycle and e-bike contract manufacturer WSF Bicycle Technology GmbH launched a crowdinvesting campaign on crowdfunding platform Conda with a funding target of €400,000. The company, which was founded in 2020 and is based in Regau, Upper Austria, plans to use the money to increase its production from ...
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ArticleWave of insolvencies at SSU seems unleashed
While Signa Sports United (SSU) offshoot Internetstores GmbH (Addnature, Bikester, Brügelmann, Campz, Fahrrad.de, Probikeshop) is said to have informed its suppliers of impending insolvency in self-administration and British affiliate WiggleCRC is believed to have done the same in its home country, German Tennis-Point GmbH has already filed for insolvency on ...
