According to a recent article in the Milwaukee Journal Sentinel, Erik Buell Racing officially closed its doors on April 15. After enjoying success on the national racing circuit, the company fell behind European and Japanese sales in the marketplace.
“The turn we recently took, after we thought we were moving forward, was unexpected,” Erik Buell said in a statement. “We thought we had secured funding, but in the end, we were not able to get the funding in place. Therefore we need to do the best we can under the circumstances for all parties in interest.”
The company has more than $20 million in outstanding liabilities and plans to seek legal protection “under a state statue similar to federal bankruptcy law.”
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