Banks close the books on Race Face

The rumors you’ve been hearing are true. Race Face is out of production and likely to be liquidated. A reciever took over the company’s assets from its bank, and in a letter to Race Face employees dated March 14 the reciever, Grant Thornton Limited, announced that it was terminating all Race Face employees at its New Westminster factory, and at its operations in Taiwan.

"As the receiver will be shutting down the operations of Race Face Components Inc. immediately, your continued employment is no longer required and, therefore, the receiver on behalf of Race Face Components Inc., hereby terminates your employment, effectively immediately," the letter stated.

“It came as a big surprise to all of us,” said John Pentecost to Bicycle Retailer and Industry News. Pentecost was Race Face’s component/protection marketing and product manager. “There were about 50 people laid off here in New Westminster today and we were told that another 20 people in Taiwan were also terminated.”

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