Specialized has announced its decision to lay off 8% of its staff.
The last three years have seen the industry change ‘at an incredible pace’, said Specialized, adding that ‘the time has come for transformation and shifts for the future’.
The organisation adjustment will ‘allow the brand to be adaptive whilst still investing in innovation’, the company added.
Scott Maguire, Specialized CEO, said: “We are transforming the company around our purpose to Pedal the Planet Forward. Our priority is to better serve riders, retailers and communities, and to be the best place for our teammates to innovate and grow.
“The time is now to adapt to the current environment and ultimately that has led us to make some extremely tough decisions today. I want to recognise those teammates who departed and thank them for all of their contributions, hard work and dedication to Specialized.
“We are focused on ensuring that they are fully supported during this difficult time. It may be tough to see in the moment, but the future of cycling and the future of our brand is bright.”
The statement from Specialized said: “Over the last three years, the industry has changed at an incredible pace and shown that cycling is more powerful than ever. It’s clear the time has come for transformation and shifts for the future.
“This past week, Specialized made the incredibly difficult decision to say goodbye to 8% of teammates around the world. With the global economy changing faster than anticipated and rapid changes within cycling, the organisation adjustment will allow the brand to be adaptive whilst still investing in innovation.”
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Last year, Specialized UK announced that it had acquired Rutland Cycling as part of its expanding retailer network.
Having worked as partners for many years, Specialized has taken ownership of the chain, as Specialized UK said it aims to give riders more opportunity to interact with the US-founded bike brand.