Shares of Signa Sports United experienced a significant decline after the company revealed its decision to delist its shares from the New York Stock Exchange. This move follows the company’s plan to restructure its business operations.
The stock plummeted by 27% to 20 cents, reaching a new 52-week low. Throughout this year, shares have fallen by a staggering 96%.
Signa Sports United, a prominent German sports e-commerce company, announced on Monday morning that it will discontinue certain underperforming segments of its business. Furthermore, the company plans to assess whether to dispose of non-core assets.
The company acknowledged that the demand for its products remains well below the levels experienced before the pandemic. Additionally, sales have decreased compared to the previous year.
Signa Sports United clarified that the expenses associated with meeting regulatory requirements in the United States outweigh the benefits of being listed on the NYSE. Consequently, the decision was made to delist its shares.
The company anticipates that its full-year revenue will fall below the initially provided guidance. As a result, Signa Sports United withdrew its mid- and long-term guidance that was previously issued in the first half of this year.
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