Parlee Cycles Files for Chapter 11 Bankruptcy Protection

The best custom carbon frame maker located within 15 miles of the Cyclry office, Parlee Cycles Inc., has today filed for Chapter 11 bankruptcy protection. Parlee’s liabilities totaled $4.4 million and total assets totaled $2.6 million at the end of January. If this was Twitter and the time was a couple of years ago, you could screenshot that last sentence and caption it “is this good?” for a few hundred easy likes.

“We are building bikes. I’m looking out on the production floor right now. We’re still building bikes. We’re still shipping bikes,” said Parlee Chief Operating Officer Jamie Bradley. Again, if this was Twitter and the time was a couple of years ago, you could screenshot that quote and caption it “my ‘we are still building bikes’ t-shirt is raising a lot of questions already answered by my t-shirt.”

Here’s something we copied from BRAIN’s report, and we’re only sharing it because it mentions Gloucester. Hey, we drove past that bank after buying cognac tonight! “Parlee’s largest secured creditor is Bank Gloucester, owed $877,000 on a line of credit secured by about $2 million in collateral. The secured creditor list also includes dozens of small claims by consumers and vendors, as well as Shimano American (owed $214,000) and SRAM (owed $423,300). Parlee also listed a $1.9 million COVID-19 Economic Injury Disaster Loan among its long term liabilities.”

Bob Parlee founded Parlee Cycles in 2002. It has been so successful that its bikes have been included in Zwift. If that’s actually a measure of success. Which, given this news, it isn’t.