Rad Power Bikes faces permanent closure at Seattle site
SEATTLE - A Seattle company may soon begin laying off employees. Rad Power Bikes previously made a splash in the pandemic-era electric bike boom in Washington and across the country. Just this year, a WSDOT program gave eligible e-bike buyers instant rebates of either $300 or $1,200 per person.
By the numbers:
In a WARN notice sent out this week, the document reveals 64 employees could be laid off due to a permanent closure of their 52nd Street workplace in Seattle in January.
"The layoff will not be the result of relocation or contracting out the company's operations or the affected employees' positions," read a portion of the statement sent out on Nov. 7.
Stored e-bikes in a warehouse at Rad Power Bikes in Seattle, Washington, US, on Wednesday, April 17, 2024. The US Census Bureau is scheduled to release durable goods orders figures on April 24. Photographer: David Ryder/Bloomberg via Getty Images (David Ryder/Bloomberg via Getty Images)
The layoffs would include a variety of positions, such as mechanics, customer support specialists, sales representatives, software engineers, writers and additional management roles such as the CEO and CFO.
What they're saying:
"Rad continues to face significant financial challenges, including in the form of tariffs and the macroeconomic landscape.
For the past several months, executive leadership has explored different ways to continue Rad’s business, including strategic partnerships with other companies that could acquire the company or provide funding so the company could keep moving forward.
Until recently, one such option seemed very promising and appeared to be likely to close. Unfortunately, that did not come to fruition. Leadership is still working to find other viable options to keep the Rad brand alive.
The collective mantra has been and will continue to be, "Save Rad," read a statement, in part, from company leadership.
Dig deeper:
Rad Power had previously raised $329 million before sending out a letter to employees that leaders "did not anticipate the sudden drop in consumer demand from Covid-era peaks" as well as challenges "in the form of tariffs and the macroeconomic landscape," according to a report from GeekWire.
The announcement comes shortly after high-profile Seattle businesses like Amazon and Starbucks announced layoffs. Additionally, big tech companies recently announced a downsizing in their Pacific Northwest workforce.
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