YT Industries has suspended most of its operations and released the majority of its employees as the German mountain bike brand undergoes insolvency proceedings, CEO and founder, Markus Flossman confirmed in a statement.
The company entered into self-administration in July after its main shareholder, a private equity investor, announced it would no longer finance the business. This left YT three months to secure a new backer, the company said in the statement.
“Unfortunately, the offers we received were an absolute joke and not worth considering,” Flossman 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 finalising the…