BEVERLY, Mass. (BRAIN) — Parlee Cycles, which entered Chapter 11 bankruptcy in February, has been acquired by John Harrison, who the company said is "an avid cyclist and independent investor."
According to the company, Harrison has acquired that brand and 100% of the company's assets, which it said will bring the Chapter 11 restructuring to an end. The business will operate under a newly formed entity named Parlee Composites, Inc., with John Harrison as president and CEO.
Bob Parlee, the founder of Parlee Cycles will remain with the company as Chief Designer. Other current employees will transition to the new organization and the company said it expects to begin hiring more employees almost immediately.
"The organization will remain dedicated to their global network of dealers and will make investments to ensure a frictionless experience through ordering, customization, fulfillment, and support," the company said in a statement Monday.
Harrison said, "There are many thousands of Parlee fans around the world and I am delighted to be able to shepherd the organization into this new era and continue to deliver products that delight our customers.
"The scope of our plan is audacious. We're simultaneously expanding the business and working on some truly amazing new projects that we'll be excited to announce in 2024 and 2025."
Bob Parlee, added, "We're delighted to work with John. He has an enormous depth of experience in sustainably scaling small businesses. He's already been engaged with the team at Parlee and is quickly making a positive impact to our operating effectiveness."
