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by Shane Stokes
November 30, 2017
Froome to ride Giro d’Italia, vying for first Giro/Tour double in 20 years; 2018 Giro d’Italia details: Israel start, eight summit finishes, and Froome; Judge rules LeMond and Andreu can testify against Armstrong; Further jail sentence for family member of Bahrain critic; British Cycling calls on Britain not to miss ‘a huge opportunity to change the future of our country’; 2017 Tour of Bright cancelled due to extreme weather forecast; Niner files for bankruptcy in lead up of planned sale; Video: Giro d’Italia 2018 – The Route; Video: The numbers of Giro d’Italia; Audio: The Cyclingtips Podcast: Cannabis, Jerusalem and Froome at the Giro
As reported by Bicycle Retailer and Industry News’ (BRAIN), Colorado-based Niner Inc has filed for Chapter 11 bankruptcy in lead up of a planned sale to a group of cycling-enthusiast investors.
The brand, best known for its 29er mountain bikes, filed a petition to the Colorado Bankruptcy Court, listing assets of US$9.8million and liabilities of US$7.9million.
In a recent interview with BRAIN, company co-founder and president Chris Sugai noted “This was the cleanest and fastest way to do it.” Adding, “To remain competitive we felt an investment was necessary, in order to greenlight some projects we feel are important.”
In that same interview, Sugai stated that the company lacked the resources to invest in R&D and marketing in order to be competitive with the likes of major international bike companies, and smaller niche brands such as Santa Cruz.
See the full story on BRAIN.