SEATTLE (BRAIN) — Rad Power Bikes laid off an undisclosed number of employees, its fourth round of workforce reductions in a year.
"We hoped the changes we implemented last year would put Rad in a better position to withstand the current economic downturn," according to a Rad Power Bikes statement. "However, given current market realities, we are forced to further reduce the size of our team. This unfortunate measure is necessary for Rad to correct course and become a sustainable, enduring business. We are confident in the path forward where we will continue to deliver the exceptionally engineered, reliable e-bikes that Rad is known for, take product and safety innovation to a new level, and continue to support our ever-growing Rad community in-store and online."
Last April, Rad Power laid off 100 employees, and in July, another 63. In December, an undisclosed number were let go.
In November, CEO Mike Radenbaugh stepped down as CEO and transitioned to chairman of the board to focus on e-bike advocacy and innovation. Phil Molyneux, who joined the brand earlier in the year as president, succeeded Radenbaugh to lead day-to-day operations.
Rad Power Bikes has been one of the fastest-growing e-bike brands in the U.S. In October 2021, after it announced the latest $154 million financing round that brought the total of investments to $329 million since its inception, the company claimed it was the world's best-funded e-bike brand in the direct-to-consumer market.
