Saris Acquired by C+A Global at Bankruptcy Auction

Oct 13, 2022 at 7:34
by Ed Spratt  

The Saris Group has been purchased by C+A Global at a bankruptcy auction.

Saris produces bike racks, bike trainers, bike storage racks and more but after issues with ordering during the pandemic it could not find a solution for financial issues and had to file for bankruptcy. C+A Global, a manufacturer and online retailer of consumer products and electronics, has now purchased the brand and adds to its list of other companies like Zink Technologies and its ZINK Zero-Ink photo paper.

bigquotesC+A Global is perfectly positioned to build on this brand based on our successful experience of understanding and selling products that consumers want. Re-energizing Saris and maintaining its relationships are our highest priority and we’re looking forward to having Saris successfully operating with fresh product lines as soon as possible Chaim Piekarski, CEO of C+A Global

Previously, Saris announced it was restructuring to prepare for sale using Wisconsin's Chapter 128, a voluntary debt consolidation program run by the state's circuit court system. At the time, Founder Chris Fortune said the company struggled with excess inventory after a boom during the pandemic.

Author Info:
edspratt avatar

Member since Mar 16, 2017
3,142 articles

  • 94 1
 I see Saris made good use of the $2,373,000 PPP loan.... largest payout in the bike industry.
  • 38 45
flag jrocksdh (Oct 13, 2022 at 15:40) (Below Threshold)
 PPP loans/covid shutdowns biggest scam US history. (Iraq war close 1 too)
  • 31 29
 @jrocksdh: PPP loans maybe so. COVID shutdowns? Absolutely not.
  • 22 21
 @jrocksdh: Typical pointless point from a triggered victim of the Government. Life must be tough...
  • 28 2
 And 98% of those loans got "forgiven" by simply filling out a form. If this isn't welfare, I don't know what is.
  • 2 0
 That was your money!!
  • 48 0
 They can use all of the extra racks to haul off all of the extra Peloton bikes.
  • 6 0
 I don't see how Peloton survives on its own. That business is bleeding money. It either needs a bunch of external funding, sold off to a larger company (Apple or Google maybe), or it goes under.
  • 7 3
 @HB208: the industry is ripe for consolidation. I’m surprised Zwift and Strava are still independent. Seems like a combined Peleton + Zwift + Strava could be significantly more competitive joining forces.
  • 5 0
 @HB208: They recently landed some big contracts with hotels etc. I think it’s the only thing keeping the afloat.
  • 4 0
 @Chondog94: the financials still suck. I know they partnered with Marriott but I doubt that’s more than a few million in revenue a year
  • 2 0
 @HB208: Definitely. The brick and mortar locations make me laugh out loud, ship will sink soon enough
  • 39 0
 Saris founder Chris Fortune said the company is the victim of the "Covid whiplash," which left it with excess inventory, especially of trainers, when the market dried up this spring. Saris wont be the only victim of excess inventory.

Get ready for a buyers market.
  • 11 0
 It's already here, holiday sales are starting now. I'm getting pummeled with discount emails everyday from pretty much every company outside the bike industry. Most bike companies are offering discounts on all their bikes too and you can bet this will continue thru the end of the year.
  • 49 0
 @bforwil: the only difference is that DISCOUNTED prince in 2022 is MSRP from 2020 Big Grin
  • 1 0
 @bforwil: Oh yeah. Snagged a new Marin I been eyeing for almost 20% off. Bought a bunch of components on sale and have a high spec'd bike than the top end bike for less.
  • 3 2
 Yup major sales already here and major price destruction. Save your $.
  • 3 0
 @bforwil: It'll still be continuing through the end of next year. It hasn't really started yet.
  • 26 1
 Wow... Saris also didn't know that the bike boom from covid was temporary.
  • 12 1
 Used bike market basically collapsed this year when so many provinces in Canada ended lockdowns and indoor capacity limits along with masking requirements. Essentially everyone who suddenlly remembered they knew how to ride a bicycle and could do things outdoors without masks on (and little risk of contracting covid, unless the outdoor thing was grouping together at a BBQ or wedding)... forgot they could ride a bicycle the moment they could go sit in a crowded room with hundreds of others without masks on with a high risk of contracting covid.
  • 7 0
 not sure how it is in the Capital but where I am from FB Marketplace is booming... the only issue is that everyone wants 6K for 3 - 4 years old carbon framed bikes Big Grin
  • 11 48
flag jrocksdh (Oct 13, 2022 at 15:42) (Below Threshold)
 Esp once many caught covid and were over it in 2-3 days...for most way better than a sinus cold that lingers for weeks.
  • 32 5
 @jrocksdh: Please let my dead family members know they should’ve recovered much quicker
  • 7 1
 @jrocksdh: Alex jones just lost a billion and The Committee is loading up a cannon.
  • 10 8
 @jrocksdh: Let's tell the families of nearly 1.1 MILLION dead americans that they should have recovered. Of course we don't know what the total dead is in many countries as they either stopped reporting data daily/weekly (as has happened here in Canada) or they've been outright lying the entire time (China who have reported to having tested EXACTLY 160,000,000 people but had just over 254k cases and less than 5500 reported deaths.... Turkey has done over 162 million tests, had over 16 million cases and over a million deaths).
  • 2 10
flag jrocksdh (Oct 14, 2022 at 12:09) (Below Threshold)
 Case in point..Florida take care of those at risk. Unlike new york
..California(whom still have kids wearing masks!!)
  • 8 6
 @jrocksdh: You're a complete moron. Wearing masks prevents airborne transmitted viruses and pollution from getting into the sinues, throat and lungs. Did you not grasp the fact that influenza cases drastically dropped the same time the masking requirements were in place was BECAUSE people were wearing masks ?
  • 3 6
 @deeeight: oh name caller huh.
Meet me at the pull up bars!!
  • 6 1
 @deeeight: I agree with your sentiment, and I happily say I was early to the mask party when the pandemic hit.

However, I would warn against promotion of falsehoods--the 'masks' required in most places served as nothing more than facial decoration. 'Mask for entry' was common, but there were very few places that enforced any sort of standard. You could use a mask made out of old race jerseys and it would still be deemed adequate--I would be very careful about drawing correlations between ""masks"" and a reduction in other infectious diseases, as it is likely not the chief factor for the decline in influenza, etc. Rather, other variables such as social distancing, remote working, etc. likely had as great, or greater, role in reduced disease transmission.

Since stock can be found once again, I would suggest anyone who actually wants to see a benefit from wearing a mask go and pick up a stack of N95s (at minimum), and find a style that seals well to your face. That cotton mask with the cool Navajo design on it ain't it my dudes..
  • 11 0
 Honestly surprised we're not seeing more of this. There is a saturation of products in the market, combined with customers who think most things are too expensive and you get a nice recipe for bankruptcy. I think a few bike manufacturers might be next. Especially if we continue into recession territory with high inflation.
  • 5 0
 Smaller bike companies that rely on third party manufacturing contracts are surely in for some hurt.
  • 4 2
 "......combined with customers who think most things are too expensive"

Think? Is that how money works for you?
  • 3 0
 @cmi85: yeah should have gone with frugal, broke, tight....
  • 8 1
 The weird part is, I attempted to get another Saris Rack, but I buy through Saris directly with and industry plan. They blocked all EP purchasing due to high demand/low stock. Now they're selling under bankruptcy.
  • 2 2
 yeah it's weird what happens when a channel's sales tool is cut off
  • 4 0
 Reading comprehension > You
  • 1 0
 Recently they offered insane EP deals for their smart trainer and two bike racks. Like 70% off. I didn't have the money at the time, but I wanted to buy their H3 trainer and MHS rack so bad.
  • 3 0
 I was reading about this a while back and it sounded like they were having most of their issues on the trainer side while they couldn’t keep the racks in stock. So the side that was actually selling they couldn’t make any money on because they couldn’t get stock, then the side that they could get stock on they weren’t selling. Just caught in a catch 22. I have a MTR rack. It’s decent but when I needed a part they couldn’t help me, but luckily I have some friends that work in a machine shop so I was able to get the part made. I have some extra arms they did send me when I thought I was having an issue so I should be good on the rack front for a long while. The new Saris MHS design is horrible though.
  • 11 3
 Maybe they should've Kashima coated everything and doubled prices. Prob wouldn't be going out of business. 1UP For Life
  • 4 1
 Kuat has Kashima coating
  • 20 1
 @shift9ears: Sarcasm missed.
  • 10 0
 @porkchopsandwich: Damnit, hate it when that happens!
  • 1 1
 Not completely happy with my 1up. It is great as a single bike carrier, but with 3 bikes the flex when hitting bumps on the highway is ridiculous. Forgot to tighten the safety latch on one trip and the whole rack w bikes hit the highway at 80 mph after a bump. Was lucky to only ruin one rack and not lose any bikes.
  • 7 0
 Good luck! My Saris indoor trainer is great. My Saris bike rack was affordable but it wobbles like a mf...
  • 4 0
 Their top tier racks are really nice. Sorry to see this happen.
  • 5 2
 While bad for the race team, Norco seemed to make a smart move in temporarily pausing them.
  • 1 0
 well this explains why I can't get any help after my rack broke. Any body had any issues with the retractable security cable not retracting on their rack?
  • 3 0
 If it's a superclamp, try twisting the cable while feeding it back in.
  • 2 0
 My swingout hitch had issues from the first couple weeks I owned it. Opened up a warranty claim, didn't hear back for 4+ months and then out of the blue they replied to me a week ago and shipped me a brand new one that showed up a couple days later. I'd try reaching out to them now since the customer service guy told me that they were bought and fixed the problem immediately.
  • 1 0
 I hope this means Saris will survive. I love my Saris Superclamp EX rack. It's perfect for those of use with smaller vehicles.
  • 1 0
 So, am I going to be able to buy some clearance racks? That is what I want to know.
  • 2 0
  • 1 0
 I thought it was indian brand
  • 1 0
 so what does this mean
  • 1 0
 Sold their liabilities off.
  • 1 2
Below threshold threads are hidden

Copyright © 2000 - 2024. All rights reserved.
dv65 0.030903
Mobile Version of Website