January 20, 2022
Bulging inventories of unsold bikes and treadmills and declining demand around the world led the former connected fitness high flyer to pause production of all models, CNBC reported, referencing a leaked internal presentation.
The Big Cat’s pre-announced revenue of €1,767 million ($2,089 mm) in the fourth quarter, up 14% from €1,520 million last year, driving EBIT of about €65 million ($77 mm), against €63 million.
The Grassroots Outdoor Alliance’s 99 independent retailers across 196 locations reported 29% sales growth for the 2021 calendar year, riding the surge in consumer interest in outdoor sports and activities.
Cardinal, which bought the Time bike brand and factory last year from Groupe Rossignol, has now acquired the assets of Detroit Bikes, including the intellectual property, inventory and production facility.
The bicycle component maker has acquired Hammerhead, which sells the Karoo 2 cycling computer, for undisclosed terms.
A week after the Supreme Court struck down the Biden Administration’s attempt to mandate vaccinations through the Occupational Safety and Health Administration, three industry giants are implementing mandates of their own.