Wiggle Chain Reaction owe brand and distributors £26.7m according to insolvency filings
The Wiggle and Chain Reaction brands have been sold to an unspecified buyer, with “almost everyone else within the organization” made redundant according to LinkedIn posts seen by BikeRadar and other sources.
Wiggle and Chain Reaction entered administration in October and were then put up for sale.
Today’s news follows an initial round of 105 redundancies late last year, with job losses at Wiggle, Chain Reaction and distributor Hotlines.
A spokesperson for the administrators handling the sale process said they would not be commenting at this time. Wiggle and Chain Reaction have been approached for comment.
More to follow…