BRUSSELS, Belgium - Cowboy's 2024 annual report, finalised on 4 August and published after a significant delay a month later, shows a company scrambling to find new financiers amidst declining profits. It also sheds new light on Cowboy's recent recall and the financial toll that it took on the young Brussels-based company.
SWIEBODZIN, Poland - Sprick, a long-standing name in the German Bicycle sector, has entered a new chapter. After financial difficulties led to insolvency of the bicycle assembler at the start of this year, the company is now set to become part of multinational, Singapore-based DuTech Group.
COPENHAGEN, Denmark - "All operational activity has ceased," reads the email from Lasse Almgren, the CEO of the Danish start-up known as Pentalock. The company, under the name of Danish Mobility System 1 ApS, filed for bankruptcy on August 11.
GDANSK, Poland - Polish manufacturer 7Anna, owner of the cycling brands Rondo, NS Bikes and Creme Cycles, has filed for insolvency. A Polish industry leader in recent years, the 24-year-old company had become known for its diverse range of bikes, from Rondo's gravel bikes to Creme's urban riders. "We are in ongoing talks with investors and we have strong hopes that these negotiations will end successfully. If this plan works out, our brands and team will be able to continue moving forward, and we may even shift into fifth gear," explains founder Szymon Kobylinski in an update on the company's status.
HAUSEN, Germany - Financial problems continue to be a major challenge for the industry, even though the first signs of a market recovery are emerging. For YT Industries the situation became unsustainable, and they have initiated restructuring proceedings under self-administration under German law.
AMSTERDAM, the Netherlands - With two new models released this month as part of the S6 series, is VanMoof set to become the comeback kid of the bicycle industry?
