Revel Bikes, known for its innovative mountain bikes, announced its closure on April 17, shocking the biking community. The letter to dealers outlines their financial struggles, including product delays and significant debts. The firm's management accepted defeat after efforts to stabilize the business failed, revealing a critical lack of funds and a soft market environment. They have initiated an orderly wind-down process and hinted at the possibility of future revival if a new owner emerges. However, uncertainty looms over the fate of remaining creditors and employees.
"There is no easy way to say this. Revel Bikes as it currently stands is closing its doors. Regrettably, though we have tried every avenue possible, we have exhausted all options and run out of funds to support the business."
"Our circumstance is tough, though not unique in the market, with product delays, significant payments coming due and a very soft market. We are on the ledge and we lost our safety net as a result of continued losses with no end in sight."
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