NEWMARKET, Ontario (BRAIN) Wednesday May 30 2012 11:29 AM MT—Dartmoor Bikes Canada USA Inc. is suspending its importation and distribution of the Polish-made Dartmoor brand of bike products.
The Canadian company said it has not been able to obtain financing to continue its expansion in North America and is hoping to hand the distribution off to a larger company.
"Running our company for almost three years has in recent months become an operational challenge as long-term financing required to continue our expansion in the U.S. and Canadian markets has been unavailable in the conventional lending markets," a company statement read. "We will be actively soliciting interest in a new operator for the brand distribution in Canada and the USA along with head office staff in Poland. Our warranties for products sold through authorized dealers will continue to be honored."
This company was founded by then-17-year-old Keenan Gregor, with support from family, corporate investors and advisers.
"From the initial interest in Dartmoor on the dirt trails and bike parks to the world wide web to industry conventions and publications, it has been an excellent learning and working experience for all involved," a company statement read.