NORCROSS, GA (BRAIN) — Blue Competition Cycles' office outside of Atlanta has been closed for about two weeks and negotiations continue to sell the dormant brand, the company's former CEO told BRAIN.
Blue's founders sold the company to a private equity firm last year and the new owners announced in June that they had merged the brand with the Divine Cycling Group. However, last month a Divine group spokesman said the merger was never completed and Blue was not considered a part of the group.
Steven Harad, the brand's CEO since last winter, said Blue's final six employees were laid off late last month and that he remained in touch with the brand's owners, who were actively trying to sell it. He said negotiations with at least one potential buyer were underway.
Harad, a triathlon industry veteran, is in Kona, Hawaii, this week, working part time for a handful of brands while exploring future full-time positions in the industry during the build up to the Ironman World Championships, to be held there on Saturday.