YT is back.
A press release shared with Singletracks today says founder Markus Flossmann purchased YT brand assets from the insolvent parent company to establish a new company, Young Talent Industries GmbH. This follows news in July that Germany-based YT Industries GmbH filed for insolvency and the closure of YT Industries USA earlier this month. The new company officially began operations on November 15.
In July, there were reports of orders being placed on hold due to the insolvency proceedings, with confusion over whether customers would receive refunds and whether warranties would be honored. As a part of today’s announcement, Flossmann says the new YT is committed to repairing the brand’s reputation and making things right.
“Over the past months, we’ve worked tirelessly to review every open order from the former company and find solutions,” Flossmann said in a release. “Nearly all have now been fulfilled or refunded, with only a few remaining cases currently being finalized.” For customers who are still awaiting resolution of an issue related to the insolvency, the company has set up a dedicated email address, [email protected], to handle claims.
“This is my personal top priority. Every customer who placed their trust in YT will receive what they paid for. That’s always been my promise,” says Flossmann.
YT Mill locations will not re-open, employee status unknown
YT says the brand’s Mill showroom and bike demo locations will not be reopening under the new company structure. However, the brand promises the rollout of a “global service network” with better support in the future, perhaps similar to the service arrangement Canyon has with REI in the United States.
It’s unknown whether YT will rehire any employees laid off from the company’s headquarters and Mill locations. Update: Isac Paddock, Sr. Manager Global Brand Communications for YT, told Singletracks over email, the “new team is formed of ~50 Employees in Germany, all of which are former employees.” He continued, “with a leaner setup YT couldn’t rehire all employees, and some areas (The YT Mill for example) are no longer part of the new business model.”
Also unknown is the status of YT Industries USA, which was organized separately from YT Industries GmbH. Singletracks has reached out to Young Talent Industries, but did not receive an immediate response.
Paddock confirmed that YT USA has ceased operations and the newly formed Young Talent Industries GmbH will service North American customers.
The press release from Young Talent Industries GmbH says customers in Europe will begin seeing bikes for sale online beginning this week, with US availability coming “at a later date.”
Warranties will be honored, but questions remain
The new YT says, “rest assured, whether you’re a US customer, or an owner of a previous model, you’ll be able to get the support that you need to keep you on the trails.” However, as Singletracks noted in an article last week, YT bikes offered for sale by Jenson USA are explicitly not covered by a warranty. That notice was still visible on YT product pages as of press time, and it’s clear that additional inventory has been added over the past several days.
The new company says that Flossmann will share more of the backstory behind the brand’s fall and resurrection.
“YT was never just a brand – it’s always been an attitude. And that attitude is back,” he says
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