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Veltec Declared Bankrupt

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VALKENSWAARD, The Netherlands – After ceasing operations of its subsidiary Veltec Sports in the US in July 2011, the Dutch mother company Veltec Benelux BV was declared bankrupt last week. This import company was distributor of Ultima Bikewear, Intense, Sidi, Cyclefit, Profile and others.

Veltec Declared Bankrupt
Veltect Benelux BV and Veltc Sports in the US focused on company-owned brands like Ultima, Concorde, Lake and Shebeest.

In a letter mailed by Veltec Benelux BV to its dealers on the bankruptcy the company says: “During the last months you must have noticed that it did not go well with Veltec. We were no longer able to function as you could expect from Veltec as a supplier of high quality bicycle products.

As a from origin quality organization which we in the core still are, operating in a challenging sector with sufficient prospects, as a result things turned for the worse slowly. We have hit rock bottom as we filed for bankruptcy which was also declared by the Court.”

Take-over plans
In the same letter interim MD Leon Brouns says that he is working hard on take-over plans which, despite the bankruptcy, will be continued. In the meantime attorneys Boels Zanders Advocaten (Tel. +31 407630000) are appointed as official receivers.

Focus on company-owned
Veltect Benelux BV and Veltc Sports in the US focused on company-owned brands like Ultima,  Concorde, Lake and Shebeest. In the US the company operated warehouses in Carson City, Nevada, and Boulder, Colorado from where Descente, Lake and Shebeest branded products were distributed. Veltec was founded by Manfred Krikke, Sr. who later was succeeded by his son Jurgen Krikke.

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