what is it with all these big cycling companies financially struggling. I thought cycling was booming.
Blimey. Where to begin??
In brief, Covid = big uptick in demand, combined with messed up supply chains. Prices ⬆️ on everything combined with massive over ordering as most assume the boom was here to stay.
Then demand collapses as buyers are sated and increasingly skint and loads of companies, retailers etc are landed with stock they can’t shift that they ordered a year ago..
In the case of Wiggle you’ve got a parent company that borrowed huge amounts of money at very low rates, who are now effectively busy because the loans have come up for renewal and they can’t afford the higher interest rates.
Lots more of this to come unfortunately