Tennis Point (Padel Point) files for insolvency - Signa Sports cleans up its act
Signa Sports United's (SSU) subsidiary Tennis Point has taken a significant financial step by filing for insolvency.
This development comes after a key decision by René Benko, the investor behind Signa-Holding, to withdraw a key financing commitment.
The financial challenges of SSU and its subsidiaries have led to this critical point.
Tennis Point files for insolvency
Tennis Point bankruptcy surprises many
The company announced that the Austrian Signa Group has withdrawn a central financing commitment of 150 million euros from major shareholder René Benko.
In response to this Tennis Point filed for insolvency at the Bielefeld Local Court.
This action was taken immediately and an insolvency administrator was appointed to manage and administer the process.
Padel Point also affected
Padel-Point is focused on products related to the sport of padel, including Padel rackets, padel clothing and Padel balls.
In addition, there is a physical location called Padel Point in Herzebrock, near Gütersloh and Rheda-Wiedenbrück, which is operated by Tennis-Point GmbH. The outdoor padel court, equipped with artificial turf and floodlights, is located directly next to the Tennis-Point GmbH headquarters.
Signa Holdings Participation
Prior to these events, the Signa Group had acquired a majority stake from 78% in Tennis Point, a specialist mail order company for sports and tennis supplies.
This investment was part of a larger strategy of the Signa Group to engage and expand in German online retail.
Impact on Signa Sports United
The withdrawal of the financing commitment by Signa Holding has triggered a wave of financial challenges for SSU and its subsidiaries.
With the filing for insolvency of Tennis Point, the first German subsidiary has now filed for insolvency.
More subsidiaries are expected to follow in the coming days.
This series of insolvency filings places a serious financial burden on SSU and raises questions about the future stability and commitment of Signa Holding.
History of Tennis Point:
Tennis Point was originally founded in 1998 as Welle & Miele GbR by Christian Miele and Thomas Welle. They opened a small tennis shop on Steinfurter Straße in Münster. In 1999, Christian Miele opened a tennis shop, marking the beginning of a rapid rise to what is now the world's largest tennis retailer. Tennis Point has expanded considerably since then, with more than 600 employees, over 20 web shops and more than 70 retail shops worldwide.
About René Benko:
René Benko is an Austrian entrepreneur and investor in real estate, media and retail, born on 20 May 1977 in Innsbruck. He founded Signa Holding, which has become Austria's largest private real estate company and is also active in Germany and Northern Italy. Benko left school early to work in the real estate industry. In 2001, he founded Immofina Holding and acquired Medicent in Innsbruck. According to Forbes, his wealth was estimated at $5.6 billion in 2021, making him the third richest Austrian. His entrepreneurial career began with the conversion of attics into luxury flats and the purchase of shares in wellness hotels, before he shifted to larger real estate projects
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