BLOOMINGTON, Minn. (BRAIN) — Quality Bicycle Products reduced its U.S. workforce by 6% on Wednesday, cutting jobs across all departments at its U.S. facilities.
The company said its U.S. and Canadian distribution centers remain fully operational.
"This was a very difficult decision. The people who left our company today were valued teammates, and they are our friends and partners," said Rich Tauer, the president of QBP. "While reducing our workforce is painful for everyone involved, it was necessary to ensure that QBP's business remains stable and focused on providing the highest level of reliable service to our specialty bicycle retailers, suppliers, and consumers of our proprietary brands."
The company said the layoffs "were a necessary step to address current market conditions and better position the company for future sustained growth. A combination of external influences including the ongoing supply chain impacts from the COVID-19 pandemic coupled with an increase in transportation costs and a decline in consumer discretionary spending were key factors."
QBP has about 800 employees in North America and Taiwan.
"Q and our family of brands remain fully dedicated to our vision of 'Every Butt on a Bike,' and we will continue to operate as a certified B Corporation committed to Diversity, Equity, Inclusion, and environmental sustainability," Tauer said.
