Parlee Cycles documents for personal bankruptcy
The financial headwinds impacting the bicycle field exhibit no indicator of relenting and they have these days taken a different large-profile victim, as Parlee Cycles has reportedly filed for personal bankruptcy.
According to public courtroom files uncovered by Biking Weekly (opens in new tab), the American brand name voluntarily submitted for Chapter 11 individual bankruptcy in the condition of Massachusetts on February 6. This is outlined as a ‘reorganisation’ bankruptcy, which implies the enterprise is in financial debt and must suggest a approach of reorganisation, likely involving a partnership, sole proprietorship or corporation in order to fork out off creditors around time and stay afloat. On the other hand, it can continue working and even borrow revenue subject matter to court docket acceptance.
Boston-based Parlee Cycles has been in enterprise because the calendar year 2000, established by spouse and wife duo Bob and Isabel Parlee.
It began when Bob, a keen cyclist, turned his hand to his enthusiasm subsequent a two-decade career in boat developing. “I was in no way contented with the effectiveness I was having from the bike,” Bob instructed Bicycle owner (opens in new tab) in an job interview in 2012. “I felt that with what I knew about carbon fibre from the boat field there could be some crossover. I began my possess business and took roughly two many years to produce the first tubes in around 2000.”
In the 23 years since, Parlee has been at the forefront of carbon fibre bike layout. It was the 1st brand to produce absolutely custom made carbon fibre road frames, and the to start with to crack the 900-gram barrier for a street frame. It was an early adopter of disc brakes for street use, and a person of the to start with to launch an aero bike. Many thanks to its place at the chopping edge, Parlee has developed a venerable status.
It even counts several pro cyclists as clients, which includes fellow Bay Stater, Tyler Hamilton. “Tyler lived not also considerably from me so I’d go riding with him on event, and one working day I asked him if he’d like to test a bicycle,” he explained in a independent trade. “At initially he properly trained on a person, but he loved it so substantially we had one painted up in Staff CSC colors and badged up as a Look, the team’s bike sponsor.”
Currently, the model provides 3 gravel frames, 3 highway frames and a time demo frame as off-the-peg solutions, with a further more three frames offered with custom geometry. It also presents custom paint to go alongside the customized carbon in a challenge it phone calls ‘one of one’, and a collection of components to full builds.
The news of the firm’s struggles will come in the wake of a turbulent year in the biking industry. The submit-pandemic downturn has led to numerous substantial-profile layoffs across all sectors. Just last month, Specialized laid off 8% of its workforce in a restructure of its individual, and Zwift, Wahoo, Strava and Pearl Izumi were being all compelled to lay off team in 2022 in just a handful of of the highest profile cuts.