The bike industry woes continued this weekend, Kona Bicycles put up for sale as its parent company abandons the struggling cycling market. The famous mountain and cyclocross bike manufacturer is winding down operations, staff last week seen removing the brand's stall at the major US expo, Sea Otter Classic in California.
There have been reports of extensive job cuts, Kent Outdoors (the parent company which says it wants to "direct its resources toward investment in its key water sports businesses") has been trying to sell the off-road bike manufacturer for some time, the North American-based outdoor goods conglomerate announcing the appointment of a new chief financial officer on Friday following a "strategic review" of the business.
There has been plenty of sympathy from across the cycling world, many expressing hope the brand can be saved and sharing memories of past rides on Kona's bikes.
Justin Bailey: "That's a real shame. We used to sell Kona. Great bikes."
Reibl Hughes: "As the owner of two Kona bikes (which I love) I am saddened by this news."
The vultures have begun to circle, road.cc reader Ryan Soulier offering to take one of the new Ouroboros gravel bikes "for cost, to get the inventory off their hands". That's the other quirk to the story, Kona on Wednesday unveiled the new gravel bike line, to be shown off at Sea Otter Classic to the industry. Just 24 hours later and the stall was deconstructed, the brand pulling out amid talk of company meetings...
Shaun Coleman said there are "too many players in an overcrowded market", while Thomas Crawford reckons "sadly from having such great bikes they just didn't evolve as time passed".
James Williams: "Shame, but the brand hasn't got the allure it once had, same for Marin, you wouldn't buy one over a Scott/Specialized anymore, whereas years ago they were a credible alternative."
Others saved their thoughts for parent company Kent Outdoors, who only bought Kona in 2022 but has reportedly been trying to ship it off for some time and wants to ditch the bike market in favour of its existing watersports brands.
"In connection with the investment of capital and the management team coming onboard, the company performed a strategic review of its operating units and determined that it would continue to seek a buyer for its bike business, Kona," a Kent Outdoors press release said.
"This move allows the company to direct its resources toward investment in its key water sports businesses. The bike industry has faced very significant challenges in the post-Covid world and Kona has not been immune to these headwinds."
Rob Walker: "Another sad example of investment firms buying a long-standing firm from its owners and driving it into the dust (or gravel if you prefer) when it doesn't make them the quick bucks they were hoping for."
don simon fbpe: "Got to love capitalism."
brooksby: "If Kent Outdoors wants to focus on its key watersports business, then why did they buy a bicycle company less than two years ago?"
To which jaymack replied: "Because they're capitalists and they want to make a profit rather than them being cycling enthusiasts wanting to make a living."