I'm baffled by how wiggle/CRC are in trouble. I thought that they were a big online only retailer with minimal costs as they don't have bricks and mortar stores to manage.
He's basically saying that lots of manufacturers and sellers are over stocked and trying to dump stuff at lower prices. With some of the on-line retailers then having to lower prices to compete with the bigger on-line retailers who are selling low to move stock to get some cash back - Making it harder still for bricks and mortar stores being asked if they can price match.
The main market for them is very slow and they're struggling to sell bikes, except the very high end models where people who are financially unaffected are still buying the top spec bikes like S-Works - He didn't mention the word "Dentist".