SEATTLE (BRAIN) — Rad Power Bikes told Washington state officials on Friday that it would layoff 64 employees in the state in January.
Geekwire is reporting that a company letter to employees suggests the company could close if additional funding is not found.
In its Worker Adjustment and Retraining Notification with the state, Rad said it will permanently close its facility in Seattle and terminate the 64 positions. The notice said the layoffs are not a result of relocation or contracting out the company's operations or the affected employees' positions.
Geekwire cites a letter it says was sent to Rad employees. "For the past several months, executive leadership has explored different ways to continue Rad’s business, including strategic partnerships with other companies that could acquire the company or provide funding so the company could keep moving forward," the letter read in part, according to Geekwire.
"Until recently, one such option seemed very promising and appeared to be likely to close. Unfortunately, that did not come to fruition. Leadership is still working to find other viable options to keep the Rad brand alive. The collective mantra has been and will continue to be, 'Save Rad.'”
After closing on several rounds of investments, including a $20 million investment in 2020, Rad Power has had several rounds of layoffs in recent years.
