SALT LAKE CITY (BRAIN) — The founders of Trust Performance, a suspension brand launched by a team of industry veterans, announced Thursday that they are shutting down the company about five years after its beginnings.
The company said despite strong sales growth in 2019 for its linkage suspension fork, it doesn't have the capital to continue.
"As you might imagine, our plans hinged on raising multiple rounds of capital to fuel our ambitions for incredible design, engineering, manufacturing and customer/dealer support," the company said in a news release Thursday.
"2020 brought a number of unexpected factors, starting with the shut-down of key parts of our Asian supply chain following Chinese New Year due to Coronavirus. In February, demand slowed considerably as macro fears about the economy started to rise. Then, finally, severe negativity in the investment markets shut down our ability to gain access to capital. This was at a point where we needed increased liquidity to carry us through a critical moment in our business. It all added up to a perfect storm that slammed right into us."
The company said Suspension Syndicate in Salt Lake City will continue to service its forks.
"We're grateful for the community of people who encouraged and supported our unique design and innovative technology. While we step away, there's one thing that will remain true for all of us at Trust Performance; it's the love we have for time on the trail and making the most of those moments with the people we enjoy most. See you out there," the company concluded.
Trust's founders were Dave Weagle, Jason Schiers and Hap Seliga.
