January 8/16 8:58 am - Guru Cycles Declares Bankruptcy

Posted by Editoress on 01/8/16
 

After sending a letter to dealers last month saying it was restructuring and holding a sell off of inventory and equipment, Guru Cycles of Montreal has declared bankruptcy.  The official date of the filing was December 21st, 2015.

The long list of creditors is owed approximately $1.1 million, led by the TD Bank at $370,000.  There are also a number of suppliers listed, including Shimano Canada ($69,717.39), Topkey-Keentech Composite of China ($129,823.68), company investor Ted Matthews ($88,854), Rodale - Bicycling Magazine ($11,000), Fibertek Composite of China ($23,093.14) and Dorel's Cycling Sports Group ($32,247.60).

Dorel actually bought Guru's fit system and brand name, which Guru Cycles had licenced back to use.