Industry News

Large companies receiving small business loans leads to more oversight.

WASHINGTON (BRAIN) — The Small Business Administration and Department of the Treasury will make it easier for small businesses to obtain Paycheck Protection Program loans.

Tagged Coronavirus
Tacx sales helped Garmin in the first quarter.

OLATHE, Kan. (BRAIN) — Garmin Ltd. total revenue increased 12% in the first quarter of 2020 year-over-year, with its fitness division that includes smart-trainer sales growing 24%.

Tagged Earnings/Financial Reports
Net sales for MIPS increased 16% in the first quarter.

STOCKHOLM (BRAIN) — Net sales for MIPS increased 25% in the first quarter year-over-year despite the COVID-19 pandemic affecting retailers worldwide.

Tagged Earnings/Financial Reports
Mike Sinyard. Courtesy photo.

MORGAN HILL, Calif. (BRAIN) – Mike Sinyard was in his mid-20s when he founded Specialized Bicycle Components in 1974, selling his old Volkswagen van for $1,500 and leaving for Europe. He came back selling hard-to-find Italian components and two years later launched a Specialized tire for the touring market.

Pure Cycles' Volta e-bike.

MIAMI (BRAIN) — Florida-based distributor JBI, parent of the distributor J&B, has acquired Pure Cycles, an omnichannel bike brand.

Tagged Mergers & Acquisitions

TOKYO (BRAIN) — Shimano reported Tuesday that its first-quarter bike division sales were down 15.4% from the same period last year. Operating income in the division declined 26.1%.

Tagged Earnings/Financial Reports
Thule Group sales decreased 4.9% in Q1.

STOCKHOLM (BRAIN) — Thule Group sales in the first quarter of this year dropped 4.9% as a result of the COVID-19 pandemic that either closed or limited retailers in Europe and North America.

Tagged Earnings/Financial Reports

WASHINGTON (BRAIN) — The U.S. Trade Representative's office has granted tariff exclusions to some more bike-related products. Meanwhile the industry is working to extend the exclusions to the tariffs, which are imposed on China-made products as part of the Trump administration's Section 301 action.

Tagged Tariffs
Retailers can begin applying again for small business loans Monday morning.

WASHINGTON, D.C. (BRAIN) — The Small Business Administration officially received an additional $310 billion in funds to restart its two loan programs that ran out of money last week.

Tagged Coronavirus

MILAN (BRAIN) — Pirelli bicycle tires will now be distributed by KASK America in the U.S., the Italian company announced.

Tagged Distributor news
President's signature now needed to restart SBA loan programs.

WASHINGTON (BRAIN) — The House of Representatives on Thursday night signed off on the COVID-19 relief package that allocates $310 billion to the depleted Paycheck Protection Program to aid small businesses.

The measure passed 388-5.

Tagged Coronavirus

MORGAN HILL, Calif. (BRAIN) — Specialized has laid off 7% of its workforce as the company reassess its economic position in the wake of COVID-19's impact on the world cycling market.

Tagged Coronavirus

KIRKWOOD, Calif. (BRAIN) — The COVID-19 pandemic has canceled yet another industry event: The QBP U of Q Brand Camp 2020, scheduled for Sept. 15-18 at Kirkwood Resort.

SAN DIEGO (BRAIN) — John Forester, considered the father of "vehicular cycling," died last week at age 90. 

Rich Tauer.

BLOOMINGTON, Minn. (BRAIN) — With a few exceptions, almost every bike retailer in the country has an account with Quality Bicycle Products, giving the Minnesota-based distributor a wide view of what's happening across the IBD nation.

ASHEVILLE, N.C. (BRAIN) — Cane Creek Cycling Components has resumed limited operations at their North Carolina headquarters after being designated as an essential business by the state.

Tagged Coronavirus

DOWNERS GROVE, Ill. (BRAIN) — The latest edition of the National Sporting Goods Association's annual Sports Participation in the US report showed a 1.8% increase in participation in wheel sports (which includes bike riding) last year and a 4% increase in bike riding by women. 

House and presidential agreement now needed.

WASHINGTON, D.C. (BRAIN) — The Senate on Tuesday afternoon agreed to a COVID-19 relief package that will allocate $310 billion to the depleted Paycheck Protection Program to help small businesses.

Tagged Coronavirus

WASHINGTON (BRAIN) — The Small Business Administration and U.S. Treasury Department said Friday afternoon the initial success of the Paycheck Protection Program makes it imperative that funding is approved for it to continue.

Tagged Coronavirus

WASHINGTON (BRAIN) — The Small Business Administration announced Thursday it has no more money to assist small businesses affected by the COVID-19 pandemic and can't accept any more Paycheck Protection Program or Economic Injury Disaster Loan applications.

Tagged Coronavirus

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