The company has been experiencing difficulties for some time. During the pandemic, it was unable to acquire many components, so it could not meet demand. When demand normalized after the pandemic, the company was left with a large surplus of inventory, local media reports.
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In February, Accell reached an agreement with creditors after restructuring. As stated in the Accell announcement, the agreement, among other things, provided for the transfer of the company to the creditors.
“This is a very sad and exhausting situation,” Accell CEO Jonas Nilsson was quoted as saying in a press release. “All realistic future options for the company were examined, but none of them provided a solution that would allow the group to continue operating in its current form.”
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The French bicycle manufacturer Cycles Lapierre – a subsidiary of Accell – earlier on Thursday reported that it had applied for bankruptcy administration.
Four years ago, the Accell group was acquired for 1.5 billion euros by the investment fund KKR and a consortium of several other companies.
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