"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."
"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 to share with you soon."
Knolly Bikes founder and CEO Noel Buckley announced the Canadian MTB brand is undergoing restructuring after RBC Bank called in the company's account. The decision came despite Knolly making progress through cost restructuring and operational tightening to adapt to industry challenges. RBC's decision occurred while the bank posted record annual profits of $20.4 billion, amid aggressive consolidation affecting small businesses. Buckley emphasized the community deserves transparency about the situation, noting that narrowing banking options for companies in similar positions reflect Canada's concentrated banking landscape. The company is evaluating all restructuring options to determine the best path forward, with more clarity expected.
#knolly-bikes-restructuring #canadian-banking-consolidation #small-business-lending #mountain-bike-industry #business-recovery
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