Guru Declares Bankruptcy

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  • Published Jan 5, 2016

High-end custom bike brand Guru Cycles Inc. has filed for bankruptcy in Montreal, listing liabilities of CA$1.1 million ($789,000), reports. The company had told its dealers last month that it was restructuring following an expensive factory relocation last summer, coupled with a decrease in sales.

Last month, Guru owner Ted Matthews and vice president of sales Robert Pinazza declined to comment to BRAIN on the restructuring, which was announced in a letter to Guru retailers. They could not be reached on Monday.

Guru made the filing on Dec. 21. Court filings show Guru’s major creditors include TD Bank ($370,000), Topkey China ($129,823), Ted Matthews ($88,854), Shimano Canada ($69,717), Dorel’s Cycling Sports Group ($32,247), and Fibertek Composite ($23,093). Montreal’s Litwin Boyadjian Inc. was named as the trustee.

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