Race Face boss Craig Pollack has confirmed that the rumours circulating earlier this week are true: the Canadian company have gone bust. It turns out that the business was taken over by the Bank of Nova Scotia earlier this year after running into financial difficulties,
Attempts to broker a deal with the bank or sell the brand as a going concern were unsuccessful, and the company closed their doors on Friday. The Race Face name and company assets now look set to be sold by receivers Grant Thornton.
In a press release issued late yesterday, Pollack, the business’s former president and CEO, says: “The company will undoubtedly be sold to a new buyer and the brand, as we know it today, will forever be changed, but we’re proud of the Race Face legacy and the impact it made on the mountain biking industry and community.”
He goes on to list some of the company’s key achievements – their pioneering freeride and all-mountain components, and their superlight Next carbon fibre cranks – and claims Race Face were “instrumental in creating the fibre of the mountain bike industry”.
“It’s a sad outcome for the brand, but more importantly for the people involved with the company,” Pollack says. “I personally thank all of our staff, riders, suppliers, customers and consumers for their support over the years. Our talented staff truly were the backbone of this brand. I’ve been humbled by their loyalty and determination throughout this process and wish them well moving forward.”
Race Face’s UK distributors, Silverfish, have today issued a press release in which they say they’re confident the brand will soon find a buyer. Marketing manager Pete Drew says: “There remains a huge amount of interest in the Race Face brand among our customers and we’re confident that the current position will have a positive outcome. We still have an excellent range of Race Face products in stock and will continue to sell these in the coming months.
“Obviously, Silverfish will continue to provide support to all our customers, both in the form of warranty backup and sales support. We hope to work closely with Race Face and their administrators in the coming weeks in an attempt to ensure that our customers can continue to use the high quality products that have become synonymous with the Race Face brand.”
Vancouver-based Race Face, who began life as an offshoot of Rocky Mountain Bicycles in 1992, were best known for their cockpit kit and CNC machined cranks. They were among the first companies to make kit for the emerging freeride and all-mountain markets, and they later moved into armour – following their acquisition of Roach in 2001 – and technical clothing. Their official website appears to have been taken off line.