(BRAIN) — The founder of YT Industries says he plans to buy the company back after he was unable to find a buyer during a self-administration insolvency in Germany this summer. He also said most of the remaining staff in Germany has been laid off. YT's U.S. operations are unaffected.
Founder and CEO Markus Flossmann spoke with BRAIN's colleagues at Pinkbike about the situation. "Unfortunately, the offers we received were an absolute joke and not worth considering," Flossmann said. "That’s why I decided to buy the company back myself. The creditors’ committee has already approved my offer, and we are now in the process of finalizing the contracts in order to relaunch the business under the new setup. As you can imagine, this is anything but a small undertaking, both financially and in terms of effort."
Flossmann said he is making sure that consumers who ordered bikes they have yet to receive will get them or a refund, even if it comes out of his own pocket.
