SEATTLE (BRAIN) — Rad Power Bikes had another round of layoffs following two previous cuts this year. The direct-to-consumer brand did not say how many employees were let go. In July , Rad Power laid off 63 employees and 100 in April.
"We are focused on supporting our team through this, so we won’t be providing additional details at this time," a Rad Power spokesperson told BRAIN on Friday afternoon.
A growing number of cycling and tech companies have experienced workforce reductions this year.
"Over the last few months, we’ve been focused on right-sizing our operating costs to become a self-sustaining business," the Rad Power spokesperson said. "The economic downturn, inflationary pressures, and softening consumer spending require us to further reduce costs, which unfortunately includes decreasing the size of our team. We have a clear and actionable path toward financial stability and will continue to prioritize initiatives that allow more people to experience the unexpected joy of e-bikes and to change their ride for good."
Last month, CEO Mike Radenbaugh stepped down as CEO and transitioned to chairman of the board to focus on e-bike advocacy and innovation. Phil Molyneux, who joined the brand nine months ago as president, succeeded Radenbaugh to lead day-to-day operations.
Rad Power Bikes has been one of the fastest-growing e-bike brands in the U.S. In October 2021, after it announced the latest $154 million financing round that brought the total of investments to $329 million since its inception, the company claimed it was the world’s best-funded e-bike brand in […]
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