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The step-through Cruiser ST exemplary astatine the bosom of the recall. | Image: Cowboy
After months of speculation implicit the e-bike maker’s imminent demise, Cowboy says it present has the fiscal backing it needs to survive. The Brussels-based shaper of boutique e-bikes says it has secured short-term financing to support the lights connected and a committedness from Rebirth Group Holding that should “ensure its semipermanent future.”
The bicycle institution that once swore it wouldn’t go the adjacent VanMoof, precocious showed signs of pursuing a akin way to bankruptcy. New e-bike deliveries were taking months, repairs were delayed owed to a deficiency of parts, payments were missed, and indebtedness was mounting, according to media reports and lawsuit complaints.
Cowboy already had a narration with Rebirth Group anterior to signing a word expanse with its caller partner. Rebirth is the genitor of Re-cycles, the French shaper of accepted bicycles that recently took implicit responsibility for Cowboy’s e-bike assembly operations. The determination was expected to trim transportation times and amended lawsuit enactment implicit time, but it besides contributed to some short-term issues during the modulation retired of Hungary. Today’s announcement makes Rebirth Group doubly vested successful Cowboy’s survival.
Cowboy says a costly callback of its Cruiser ST that followed a post-covid bikeaggedon — which continues to rile the e-bike manufacture — created “the astir challenging play successful the company’s history.” The recall, according to Cowboy, was caused by an “unapproved alteration from a supplier.”
With backing secured, replacement frames ready, and the archetypal callback hub up and operational (with much cities to come), Cowboy says that operations and accumulation volition gradually instrumentality to normal.
“Our precedence is to reconstruct mean operations earlier year-end, moving intimately with our caller partner,” says Cowboy successful a property release. “This means delivering outstanding bikes, resolving unfastened cases, and regaining the level of work our customers expect.”
Cowboy says it volition supply updated advancement successful September.
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