OBERWANGEN, Switzerland (BRAIN) — myStromer AG said it will end its business in the U.S. and Canada immediately.
"Considering the current challenges in the bicycle industry and a significantly slower development of the North American market, the company has decided to take this step," the company said in a statement released Monday.
"Despite intensive efforts, a transfer of the business to a specialized distributor could not be realized. Nevertheless, myStromer AG remains confident and focused on its further international expansion plans and the continuous development of its product portfolio," it said in a press statement.
The company closed its consumer e-commerce site in the U.S. several weeks ago, and also laid off its U.S. sales manager. The move comes the same month that Yamaha announced it would no longer sell e-bikes in the U.S.
Stromer was founded in 2009. It merged with BMC in 2011 and then with new investment it separated from BMC in 2016. A European private equity firm, Naxicap Partners, acquired Stromer in 2021.
The company said Stromer and Desiknio bikes will no longer be delivered to the USA and Canada. Existing retailers will be able to process warranties and place orders for spare parts and components via the brand's Swiss headquarters.
"Despite our continuous efforts to optimize our business processes in the USA and to strengthen our market presence, we regret having to take this unavoidable step," said Stromer CEO Karl Ludwig Kley.
