MADISON, Wis. (BRAIN) — Pon's Pacific Cycle has reduced its North American workforce in an attempt to restructure operations in response to what it called challenging economic conditions in the retail mass market segment.
A Pacific Cycle spokesperson told BRAIN via email Friday afternoon that the layoffs affected less than 10% of the workforce but did not give a specific percentage.
"Moving forward, we remain committed to the retail mass-market category, and firmly believe that these changes reposition the business for the near future in the best possible way," the spokesperson said.
Pacific Cycle has been a division of Pon.Bike since last year, when Pon Holdings purchased Dorel Sports from Dorel Industries for $810 million. Pacific brands include Schwinn and Mongoose.
