Carbondale-based Revel Bikes to close doors
Courtesy photo
A Carbondale-based bike producer is going out of business.
Revel Bikes, a 2019 company known for its innovative approach to carbon bike designs, announced in a Thursday email to dealers that it will be entering an “orderly wind down.” The company, which plans to liquidate in the next four to six weeks, cited a soft bike market, product delays, and overdue payments as contributing elements to the closure.
The Revel Bikes crew includes 31 employees, according to their website.
The company said in its email to retailers that Revel Bikes could be revived if a new owner is willing to buy. It is currently in over $8 million of debt.
In a statement to The Aspen Times, Revel Bikes CEO Ben Coates declined to discuss the details of the closure.
“I can confirm that we are officially in an orderly wind down process,” Coates said in the statement. “If a deal cannot be made to save Revel, the process will end in Revel being out of business.”
It is unknown what the future holds for the company’s leased space at 398 Merrill Ave., according to Molly Danzig, Revel Bikes digital specialist. It moved into the space this past October.
Skyler Stark-Ragsdale can be reached at 970-429-9152 or email him at sstark-ragsdale@aspentimes.com.
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