"“The last few years have been the hardest this industry has ever seen, and Knolly has not been immune. But we have been fighting through it: restructuring costs, tightening operations, and doing the difficult work of right-sizing the business to match a new reality. We were making progress.”"
"“Our bank, RBC, has made the decision to call in our account. This comes at a time when RBC is posting record annual profits, $20.4 billion last fiscal year. RBC has been consolidating aggressively, and small businesses like ours are feeling the consequences. In an already concentrated Canadian banking landscape, the options for companies in our position are narrowing, not widening.”"
"“What it means: We are now in a position where we must evaluate all restructuring options to determine the best path forward. That process is underway. I expect to have more clarity within the coming weeks and will share it as soon as I have it.”"
"“What it doesn't mean: This is not an obituary. I started Knolly in a garage because I believed I could build a better bike. I still believe that. The question in front of me right now isn't whether Knolly should exis”"
Knolly Bikes, a Canadian bicycle manufacturer, entered a restructuring period after its bank called in its account. The company’s CEO said recent years were the hardest for the industry and that Knolly had been working through restructuring costs, tighter operations, and right-sizing to match new market conditions. The CEO stated that progress was interrupted when RBC decided to call in the account, noting RBC posted record annual profits and had been consolidating aggressively. The CEO said the company must evaluate all restructuring options to determine the best path forward and expected more clarity within weeks. The CEO emphasized that the situation is not an obituary and that the company still believes it can build better bikes.
Read at Bikerumor
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