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  1. #1
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    Niner files for bankruptcy

    Saw this posted in a few other less paroozed sub forums, thought it deserved to be in General and get more exposure so those considering a new bike would know and maybe be aware of possible future issues that could arise.

    Niner files for bankruptcy ahead of planned sale | Bicycle Retailer and Industry News
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    DENVER, Colo. (BRAIN) — Niner Inc. filed for Chapter 11 bankruptcy protection on Monday ahead of a planned acquisition by a Colorado investor group.

    The company had announced Nov. 22 that a group had agreed to purchase the company, not mentioning the planned Chapter 11 filing or naming the investors.

    On Tuesday, it filed a petition with the Colorado Bankruptcy Court in Denver listing assets of $9.8 million and liabilities of $7.9 million.

    In an interview Wednesday, company co-founder and president Chris Sugai said the Chapter 11 filing was the most efficient way to sell the company to the group, which is called Columbia Basin Partners.

    "This was the cleanest and fastest way to do it," he told BRAIN, noting that the court filings show the company plans to emerge from the bankruptcy by Jan. 30 and to complete the sale prior to that date.

    In a previous interview, Sugai said Niner had been looking for an investment for some time.

    "To remain competitive we felt an investment was necessary, in order to greenlight some projects we feel are important," he told BRAIN. He said he was happy with the agreement reached with the investors but declined to say whether he would retain any equity in the company he co-founded in 2004.

    In that interview, he said Niner had been profitable for five of the last six years, but lacked resources to invest in R & D and marketing. He noted that Niner was competing with larger brands, including the major international full-line bike companies and niche brands like Santa Cruz, which was purchased by Pon Group in 2015.

    The bankruptcy filing opens the possibility that other entities could make a bid for the company. Sugai said he was aware of that risk and said he hopes Columbia Basin Partners succeeds in buying the brand. "We've been working with them for quite a while," he said.

    He declined to identify the partners beyond saying they are three experienced businessmen who are also bike enthusiasts. He said they are committed to growing the company.

    "We will be a stronger company when we come out of this. They are not buying the company to strangle it; they like the company and they want to grow it. We think that once we can see a renewal in advertising and R & D, Niner can continue to grow."

  3. #3
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    Its not surprising. They bet the farm on 29ers and the fad is over. I just hope it doesn't void my warranties.
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    Quote Originally Posted by ljsmith View Post
    Its not surprising. They bet the farm on 29ers and the fad is over. I just hope it doesn't void my warranties.
    you didn't read the article. they are filing for backruptcy so they can have the company bought out by some investors. this will put more money behind the company for R+D and marketing, which I think Niner deserves. they make rad stuff. my experience with a Niner was not great, but only because the geometry didn't suit my riding style. I am sure I could find a few Niner bikes that I would love.


    no, 29ers are not a fad. I see you trollin'! they are the right tool for the job in many situations. however, it was kind of silly to base the whole company around a wheel size concept. that's going to bite them in the butt when they inevitiably start making other wheel sizes.
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    Quote Originally Posted by mack_turtle View Post
    you didn't read the article. they are filing for backruptcy so they can have the company bought out by some investors. this will put more money behind the company for R+D and marketing, which I think Niner deserves. they make rad stuff. my experience with a Niner was not great, but only because the geometry didn't suit my riding style. I am sure I could find a few Niner bikes that I would love.


    no, 29ers are not a fad. they are the right tool for the job in many situations. however, it was kind of silly to base the whole company around a wheel size concept. that's going to bite them in the butt when they inevitiably start making other wheel sizes.
    They already do make 27.5 with the Jet 9 RDO.

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    ha
    ha
    ha

    says this was done as an overall plan to grow the brand and the new owners plan
    to keep niner going

    I have seen this same story posted numerous times in similar situations.

    most of the time that is said up front to ease customer concerns (and get them off their back), and one year later the company is dissolved 100% once all the patents, and propriety licensing and everything else is legally transferred. all that takes time...

    so, yeah, cool story bro...but we'll see what happens a year from now when the new owners finally have all the ducks in a row, and all ownership completed. what then ?
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    how many big companies are still owned by the same people who started them? I don't see Cannondale going anywhere and they are owned by, who, Dorel now?
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    Quote Originally Posted by mack_turtle View Post
    you didn't read the article. they are filing for backruptcy so they can have the company bought out by some investors. this will put more money behind the company for R+D and marketing, which I think Niner deserves. they make rad stuff. my experience with a Niner was not great, but only because the geometry didn't suit my riding style. I am sure I could find a few Niner bikes that I would love.


    no, 29ers are not a fad. I see you trollin'! they are the right tool for the job in many situations. however, it was kind of silly to base the whole company around a wheel size concept. that's going to bite them in the butt when they inevitiably start making other wheel sizes.
    that is the perfect world outcome. Niner seeks to restructure debt. if you hold the debt why agree? Columbia apparently will not acquire and assume the existing debt.

    This tactic by Niner may draw in other buyers who offer a better deal per the Trustee’s view. Or the entire thing may unravel, or go as planned—wait and see. The losers from rider perspective could be warranty holders.


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    I doubt Niner is going to drop off the face of the earth like Ellsworth and Chumba. But they clearly got themselves into this mess by pigeonholing themselves into 29ers. The market moved against them remarkably fast. They should have had a 27.5 plus bike a few years ago and named it Irony.
    All those broken frames a few years back certainly didn't help either.

  10. #10
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    Quote Originally Posted by 92gli View Post
    I doubt Niner is going to drop off the face of the earth like Ellsworth and Chumba. But they clearly got themselves into this mess by pigeonholing themselves into 29ers. The market moved against them remarkably fast. They should have had a 27.5 plus bike a few years ago and named it Irony.
    All those broken frames a few years back certainly didn't help either.
    Niners response to issues like the stuck seatpost drama documented here on this site didn't help either.

    With Niners assets of $9.8 million and liabilities of $7.9 million, with the debit restructuring, I wonder how much Columbia Basin is going to pay to buy Niner?

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    Quote Originally Posted by ljsmith View Post
    Its not surprising. They bet the farm on 29ers and the fad is over. I just hope it doesn't void my warranties.
    The 29er "fad" is over? That right there is funny, I don't care who you are.

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    Quote Originally Posted by JACKL View Post
    The 29er "fad" is over? That right there is funny, I don't care who you are.
    I think the key word is "fad". He might have meant it's no longer a fad, it's a standard.
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    Quote Originally Posted by 92gli View Post
    I doubt Niner is going to drop off the face of the earth like Ellsworth and Chumba. But they clearly got themselves into this mess by pigeonholing themselves into 29ers. The market moved against them remarkably fast. They should have had a 27.5 plus bike a few years ago and named it Irony.
    All those broken frames a few years back certainly didn't help either.
    That's been my thoughts as well with their name choice. I've always liked the name but it limits them in wheel size offerings. Love the "Irony" comment. I live just a few miles from their headquarters. This news will hit my local area pretty hard.
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    Nice bikes, but now I'm glad I exchanged the RLT for the All City (Thanks Jenson!)

    I do think they make quality bikes though, and I do prefer smaller companies. Bummer!

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    ^^^ Unfortunately, Niners customer service service doesn't reflect the service usually indicative of a smaller, customer oriented organization.
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    Quote Originally Posted by mack_turtle View Post
    you didn't read the article. they are filing for backruptcy so they can have the company bought out by some investors. this will put more money behind the company for R+D and marketing, which I think Niner deserves. they make rad stuff. my experience with a Niner was not great, but only because the geometry didn't suit my riding style. I am sure I could find a few Niner bikes that I would love.


    no, 29ers are not a fad. I see you trollin'! they are the right tool for the job in many situations. however, it was kind of silly to base the whole company around a wheel size concept. that's going to bite them in the butt when they inevitiably start making other wheel sizes.
    I read the article. Just, unlike you, I understand the difference between press releases and reality. Any one with any business sense could see the issue was they have no money for R&D. Why do you think that is, because they are making huge profits? The company was not attractive to investors, so they had to file for bankruptcy to get someone interested. If you think that all sounds like a company that is doing well, then you obviously know nothing about business.

    And for all the 29er fan boys, just face the reality that the fad is over. For quite a few years all we heard was that 29ers would dominate and make obsolete all other wheel sizes. Just walk into a LBS and you can quickly see that just didn't happen. I'm not anti 29er, I have one and love it. But I also own a 27.5 and love it too. Some of us realize that a 29er isn't the ultimate bike for everything and I think Niner's situation shows that more and more people are figuring that out.
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    Quote Originally Posted by ljsmith View Post
    And for all the 29er fan boys, just face the reality that the fad is over. For quite a few years all we heard was that 29ers would dominate and make obsolete all other wheel sizes.
    I'm very far from a 29er fanboy, I've never even ridden one, but I would never call them a fad. I would say that with the launch of so many new 29er models that they are more than a viable choice in the market. All that said, I also doubt that 27.5 will become obsolete either since it works quite well for people too.
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    I don't think the 29 is a "fad".

    The bike industry seems to move in circles with some things. Isn't 2018 the year of the long travel 29r? They've gone through the 27.5, fat bikes, plus bikes and now they are back to the 29.

    I just think the market is oversaturated and stagnant.

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    Quote Originally Posted by RS VR6 View Post
    I just think the market is oversaturated and stagnant.
    Maybe someone will coin a new standard and revitalize the market.

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    Quote Originally Posted by Thrashbarg View Post
    Maybe someone will coin a new standard and revitalize the market.
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    Niner e-bikes coming soon?
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    Quote Originally Posted by Mookie View Post
    Niner e-bikes coming soon?
    Neener bikes?
    ¯\(°_o)/¯

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    ^^lol

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    Yeti's competing with Santa Cruz and the others too. They also went through bankruptcy protection (in the late 90s). Santa Cruz and Intense have strong feelings against Yeti, in fact. xD

    Niner's marketing isn't very effective at creating demand and brand rep. Niner fans seem to keep to themselves, and there's nothing outstanding about the brand anymore. Big wheels are already an accepted part of the mainstream and their geo and suspension isn't considered to be at the forefront.

    Well, can't be upset about money poured into R&D for bikes that compete with the big guys. Hopefully Niner, as a business, starts to resemble the traits that their favored wheel sizes are touted for, efficient at rolling over obstacles and retaining momentum. They did seem stagnant for a while, which let they sort of get left behind by the others. Seems like a good move.

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    I really like 29ers for a lot of things, but there must have been some other people besides me wondering how long they would last only making 29ers, when 26 fat, 27.5, 27.5 plus, and the genres within those wheel sizes have great bikes for many applications. When there we only 26 and 29 mountain bikes, yeah, not a big deal, but the world got a lot bigger. Being stuck with older geometry and kinematics of old Horst link bikes acellerated the fall. Other (some much bigger) manufacturers started to push 29er boundaries better and faster.
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    Quote Originally Posted by the one ring View Post
    Neener bikes?
    Trademark that!
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    Quote Originally Posted by the one ring View Post
    Neener bikes?
    Quote Originally Posted by Mookie View Post
    Trademark that!
    Neener Bikes™

    done!
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  30. #30
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    Quote Originally Posted by chazpat View Post
    Neener Bikes™

    done!
    Sweet! Thanks to chazpat, Esq.
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  31. #31
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    Great, now I have "neener neener bo beener fee fi fo feener" running around in my head. And all because of a fad.

  32. #32
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    Quote Originally Posted by noapathy View Post
    Great, now I have "neener neener bo beener fee fi fo feener" running around in my head. And all because of a fad.
    You forgot the banana fana part

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    when companies like Specialized and Trek committed to 29ers, probably put a big dent in Niners only line of bikes.

    it is a very competitive industry.

    reading that article and the comments, Niner seems to be holding a lot of inventory.


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    there seemed to be massive oversupply of Niner at all the online vendors, for years, that was blown out at the end of the calendar year.

    I think they were very successful for a while as one of the only good 29ers, and then everyone did it. And then this oversupply of bikes likely means they were bound by contract with the manufacturer to make a certain number per year, even as demand fell.

    I don't know that anyone will buy Niner and try to really do something with it. Too much good competition out there, and I don't believe Niner's CVA patent is really worth anything. Since the Horst link patent expired back in 2014, many companies have adopted it, and work pretty well with modern shocks.

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    CVA's bottom link doesn't seem like it'll play well with ebikes. They're gonna need to invest in marketing to spin something around that. Good to see that ebikes are promoting R&D, but that was to be expected. Can always throw money at engineering, but technology is where it's at. Technology brings the performance of pricey engineering to mainstream markets (less cost for mfg and simplicity for user), and that should pay off all the research gone into it through increased profits. I really want to see a serious high value patent come out of this industry--Trek seems to leading the way with baby steps, with things like boost, straight shot DT, thru shaft, and whatever they did to confidently offer carbon wheelsets for 700-1200...

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    Quote Originally Posted by the one ring View Post
    Neener bikes?
    that is funny and worth reading through the thread for

    I am riding a fad bike (29r) and an obsolete bike (26) but lack a standard bike 27

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    Here's a quote from Chris Sugoi on this matter:

    "When I co-founded Niner back in 2005 it was due to my passion for bikes. That passion has only grown stronger through the years. It’s a blast, and has bee, learning so much about this industry and meeting so many passionate people who share my love of cycling. In recent years, Niner’s growth has slowed. We need to be able to grow to continue to be innovative and make great, reliable products. So, we have found a local Colorado group of businessmen, who are passionate about cycling, who call themselves Columbia Basin Partners and they have agreed to purchase the company. Through the rumor mill or misinterpreting how Chapter 11 bankruptcy works, you may have heard that we are going out of business. This is simply not true. In order to make the sale happen, we have had to file for Chapter 11 bankruptcy which allows us to restructure our finances. We will emerge from Chapter 11 in roughly 60 day, on January 30, 2018 on more solid financial footing. In the meantime, we are well-funded and able to meet our financial obligations. Business is as usual around the offices. We are shipping bikes, helping riders with concerns, including warranty concerns, and all of our regular daily duties that makes Niner tick. Our team remains intact and is doing what we always do – working to support our riders and our local bike shops in whichever ways they need. My main goal, and our goal as a company, is to put big grins on the faces of mountain bikers and sure we are able to continue to support mountain biking. The 31 team members I have the pleasure of working with each day are avid riders. And we all believe in the power of mountain biking, the importance of supporting trail access and the ability for mountain biking to have an incredible impact on people’s lives. We’re in this for the long haul and soon will have the ability to innovate more and continue to create incredible products. And as always, we’ll continue to push for trail access so riders have great places to ride.

    We appreciate your support and hope to see you on the trails.

    Peace,

    Chris Sugai"

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    While my 5 year, several thousand mile old gen 1 RDO is dong just fine and I’ve enjoyed it all along, I had been pondering replacing it with a RKT...till now...
    On the other hand, it might be a good time to pick one up with a significant discount?

    Regarding the fad, all the cc racers and downhill crowd just now coming to the party are apparently out of touch


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    Filing Chapter 11 allows Chris to rid Niner of some debt, which means someone who is owed money will be told they will only get a small percentage of what they are owed. This might be great for the group buying diner, but not so much for people who were doing business with them.

    Chris states it's business as usual at Niner. What is usual? Talking to bike shop owners who use to carry Niner, usual was selling them Niner bikes that they asked $3000 for, while at the same time, Niner was selling online for $2500. As shops dropped Niner, they lost market share and profit they needed to keep innovating.

    I think Chris just wants out. I doubt he spends any time at Niner any more and prefers to live a comfortable life in Summerlin, Nevada with his family.

  40. #40
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    Quote Originally Posted by Noclutch View Post
    While my 5 year, several thousand mile old gen 1 RDO is dong just fine and I’ve enjoyed it all along, I had been pondering replacing it with a RKT...till now...
    On the other hand, it might be a good time to pick one up with a significant discount?

    Regarding the fad, all the cc racers and downhill crowd just now coming to the party are apparently out of touch


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    Thing is, you can get a niner at a significant discount 365 days a year because they are a discount brand
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    Great bikes. Poor marketing and communications. I hope they bounce back stronger than ever with new people in front of the brand.
    ...

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    The creditors must accept a plan of repayment. They will be very reluctant to accept anything less than what they're owed, knowing Niner will have the ability to pay them. I see Chap 11 as a paper with simple numbers, a balance sheet of sorts, used as a barrier between Niner and those it owes money to, to let Niner more freely use up their assets for a short time with no strings attached. It's illegal to use Chap 11 to delay paying creditors, but it essentially does just that, though it's mostly for refinancing in this case, since the restructuring seems minor. It screws creditors who out of contracts that gave them extra benefits*, but they're getting what they're owed in the end, and it costs Niner some credit rating and they have to pay the expenses related to Chap 11.

    *I can only guess what perks they demanded. Maybe a contractual agreement to use their services again, and not a competitor's. In this sense, it resets relations in a way. Maybe they held equipment and inventory hostage as collateral, and Niner needed permission to sell them to new markets. Like they couldn't sell in certain countries, since it would compete with others the creditors were partners with. There a lot going behind the scenes in corporate...

    Imagine taking on a load of financing plans for housing, transportation, insurance, and it was all planned well within staying in the green based on your wages. All of the sudden you're hit with an injury and can't work for 3 weeks (not getting paid). You start to get behind and it's uncomfortably close to going in the red and having your home or other stuff taken away. Another unexpected financial hit could put you under. This could very well be the scenario Niner went through. They said they were profitable 5 out of the last 6, and that 1 year is that wake up call that put them under financial stress. Chris was holding something of worth, his ownership, but that ownership would only be valuable if the company grew. He and his team had plans, but couldn't execute them due to not having money. So he is putting that ownership up for sale to gain that capital in order to greenlight those plans. The investors said they'd buy it under the condition that Chris filed Chap 11.

    Think about it. What caused Domahidy to leave? He had plans to make a bike design, but Niner didn't agree to make it, so he did it himself. Why couldn't Niner do it? Domahidy's frame cost as much as a custom frame builder's, but with even more features and production level polish. Wouldn't be a bad guess to say Niner was more cost conscious and more brand rep conscious. Niner lost some other employees, such as Mike Gann and Todd Grant to other bike companies which didn't compete with Niner. I have no doubt that this lack of growth (stagnation) and this focus on simply staying afloat due to old financial contracts was a strong influence to make some leave. The company is defined by the people behind it, and once they're gone...

  43. #43
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    No wheel size is a fad or obsolete but Niner focused on just one wheel size and mostly carbon . Not everyone can afford carbon and not everyone wants a 29er . There's the flaw .

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    Quote Originally Posted by Seb K View Post
    No wheel size is a fad or obsolete but Niner focused on just one wheel size and mostly carbon . Not everyone can afford carbon and not everyone wants a 29er . There's the flaw .
    Not a bad idea if you truly have a niche, but real niches are rare IMO, otherwise someone almost always comes along that can do what you do, and they can do it faster, cheaper, better, more efficient, etc. There was nothing that niner was doing that the big companies wouldn’t eventually catch up with.
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    My LBS sold Niner, but I never connected with my LBS, so I never bought a Niner. I bought a Santa Cruz 5010 online. I seriously considered one though. Probably the experience a lot of people have had, judging by this news. The wheel size was a factor. I own a Trek 29er, and like it, but once I rode a 27.5 I just liked it better. Again, probably a common experience. I am considering a FS 29er since I think they are faster, so I may try to pick up a Niner if I can find a deal. Niner makes good products-I wish them well-but c’est la vie.

  46. #46
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    Quote Originally Posted by chipconstant View Post
    I bought a Santa Cruz 5010 online.
    Quote Originally Posted by the_joe View Post
    Thing is, you can get a niner at a significant discount 365 days a year because they are a discount brand
    What I don't understand is why the dealer LOVE for Santa Cruz so much and not saying they are not just like Niner and a discount brand. Because they are and always have been a discount brand. Santa Cruz 30-40% off on Competitive Cyclist and Cambria right now. And in the winter, and in the spring. Everyone I know buys online and not their local dealer! Same for Intense!

    https://www.competitivecyclist.com/s...0+TO+*%5D&nf=1

    What Niner needs to do is just rip the band aid all the way off and sell bikes direct on their website at 20-30% below current prices. A la YT, Commencal, and Canyon style.

    Transition now sells consumer direct as an option too.

    Santa Cruz investors will only allow a margin hit for so long, at some point they will just want to sell direct and eliminate the Competitive Cyclist, Colorado Cyclist, Cambria deals, etc. I would think. MTB Bikes, Santa-Cruz, true

    Sucks Niner has to file Chapter 11, as I am sure a lot of shareholders and suppliers and even employees who worked very hard to build the brand will get completely hosed. New owners just don't walk in, write a check, and keep everything and everyone in place like it was. But that's part of business and some serious mistakes must have been made to get to this level.

    Another brand who I always wondered about and how they are still in business is - Intense Cycles - who just announced going direct today as well.
    https://www.pinkbike.com/news/intens...les-model.html

  47. #47
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    Quote Originally Posted by GSJ1973 View Post
    What I don't understand is why the dealer LOVE for Santa Cruz so much and not saying they are not just like Niner and a discount brand. Because they are and always have been a discount brand. Santa Cruz 30-40% off on Competitive Cyclist and Cambria right now. And in the winter, and in the spring. Everyone I know buys online and not their local dealer! Same for Intense!

    https://www.competitivecyclist.com/s...0+TO+*%5D&nf=1

    What Niner needs to do is just rip the band aid all the way off and sell bikes direct on their website at 20-30% below current prices. A la YT, Commencal, and Canyon style.

    Transition now sells consumer direct as an option too.

    Santa Cruz investors will only allow a margin hit for so long, at some point they will just want to sell direct and eliminate the Competitive Cyclist, Colorado Cyclist, Cambria deals, etc. I would think. MTB Bikes, Santa-Cruz, true

    Sucks Niner has to file Chapter 11, as I am sure a lot of shareholders and suppliers and even employees who worked very hard to build the brand will get completely hosed. New owners just don't walk in, write a check, and keep everything and everyone in place like it was. But that's part of business and some serious mistakes must have been made to get to this level.

    Another brand who I always wondered about and how they are still in business is - Intense Cycles - who just announced going direct today as well.
    https://www.pinkbike.com/news/intens...les-model.html
    not sure you can get those SC discounts year round? I thought they restricted online pricing to provide comparability with shops?
    customer takes risk on sizing, color, and components by waiting.

    For whatever reason SC executed superior to Niner, has a more full line of bikes despite ignoring CC racing, and was an attractive acquisition for PON as is.

    the industry in general is moving to online retailers for bikes and online direct. i can see legitimate reasons to pursue both.

    Oh, and SC has outstanding customer service.




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    Quote Originally Posted by cjsb View Post

    Oh, and SC has outstanding customer service.




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    2015 Santa Cruz 5010 C

  49. #49
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    Some more information here, including the names of the potential buyers and details of the assets and liabilities: Niner assets to be sold this month | Bicycle Retailer and Industry News

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    It appears there has been no new offerings and CBP remains as the only interested party at this time.
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    can you tell that from PACER?

  52. #52
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    Quote Originally Posted by cjsb View Post
    not sure you can get those SC discounts year round? I thought they restricted online pricing to provide comparability with shops?
    customer takes risk on sizing, color, and components by waiting.

    For whatever reason SC executed superior to Niner, has a more full line of bikes despite ignoring CC racing, and was an attractive acquisition for PON as is.

    the industry in general is moving to online retailers for bikes and online direct. i can see legitimate reasons to pursue both.

    Oh, and SC has outstanding customer service.
    santa cruz is not a discount brand. they only have sales once per year, but some less popular models will linger in inventory for a while. conversely, popular models are gone in minutes as soon as any sale is announced. if you wanted a hightower for 20% off you had to jump on it in October, whereas the Bronson carbon is still there in most sizes for 40% off.

    every bike manufacturer has annual sales. trek, specialized - even yeti - it's just how much they are discounted and how fast that prior year sells. trek and specialized do it in late July.

    ...anyway, this isn't really about Niner and Santa Cruz is not in financial trouble that I can see. PON is probably a LOT happier about owning them than Cervelo.

  53. #53
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    Quote Originally Posted by GraniteX View Post
    can you tell that from PACER?
    What?

    Are you referring to Public Access to Court Electronic Records?
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    Quote Originally Posted by Cleared2land View Post
    What?

    Are you referring to Public Access to Court Electronic Records?
    I was ... I was just wondering how you know that no other bidders have popped up.

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    In fact, I don't.

    However, as of today's (Jan. 5, 2018) publication of Bicycle Retailer and Industry News (BRAIN) that states that as of publication, there we no other known qualified bidders that had has been filed. If no bidders step up by Wednesday, Jan 10th, then the purchase agreement by Niner Acquisition LLC, whose managing partners are Brady Dolsen, Steve Foreman, and Kevin Burns, who are the principals in Columbia Basin Partners will be accepted and the deal will close Jan. 17th.

    Niner assets to be sold this month | Bicycle Retailer and Industry News
    A bad day of cycling is better than a good day at work

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  56. #56
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    Saw article below on BRAIN: no other bidder so sale should close next week. However, end of article states that one of the creditors was granted an extension next Tuesday to object to the sale.

    http://www.bicycleretailer.com/indus...k#.WloT5NFOmfA


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    And ... Some more twists and turns came out today. Sale closing delayed until Feb. 28 as new bids appear.

    Niner sale delayed as new bidder emerges | Bicycle Retailer and Industry News

  58. #58
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    Quote Originally Posted by GraniteX View Post
    And ... Some more twists and turns came out today. Sale closing delayed until Feb. 28 as new bids appear.

    Niner sale delayed as new bidder emerges | Bicycle Retailer and Industry News
    ...the original purchaser/investment group withdraws their bid?


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  59. #59
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    Sounds like Niner had at least two main creditors with claims to various Niner assests and the Carolina bank didn't like how the money from the originally planned sale to Niner Acquisition was going to be distributed. We'll have to see what the new bidders have to offer and the court has to say.
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  60. #60
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    And the clock strikes twelve...
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  61. #61
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    Its never easy, that's for sure.
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  62. #62
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    As the world turns.

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  64. #64
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    Alright everyone...finish that champagne, and get back to work.
    A bad day of cycling is better than a good day at work

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  65. #65
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    Quote Originally Posted by GraniteX View Post
    Whoot! I'll be able to buy my new steed in Wally World when picking up dog food!

  66. #66
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    Quote Originally Posted by GraniteX View Post
    Same thing happened to GT back in 2001.

    Niner files for bankruptcy-e3d1a76a-d023-4669-adf0-2d4c21df7213.jpg
    Quote Originally Posted by mileslong View Post
    I passionately remove rocks and corners and other stuff I find too hard to ride.

  67. #67
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    woot my first bike was a yellow huffy. Best bike I ever owned. No matter how many times the neighbor's bully kids stole from me it I always got it back.

    Niner files for bankruptcy-45faf3241a3b2e10fd311e44d28ba83e.jpg

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