Weeks after Revel emailed dealers to announce that it was winding down operations, the brand has posted a public announcement on its social media account about the wind-down. The post included new information, most notably that the brand’s secured debt had been foreclosed on by its bank.
“We had exhausted every option, but with over $8M in secured debt—coupled with industry-wide challenges—we were forced to begin a wind-down process after our bank foreclosed on our senior debt,” wrote Revel. “Thirteen staff members were laid off, and just a core group remains to help process liquidation of our remaining inventory.”
However, recent posts and emails by the brand have been exceedingly optimistic. “The outpouring of support we’ve received over the past two weeks has been nothing short of incredible. The effort and energy our customers and supporters have shared has meant the world to us. The messages, the encouragement, and the fact that our website crashed for the first time in six years from so many people trying to buy bikes and keep their existing bikes trail ready… we didn’t see that coming.”
Revel wrote that frames and components are still trickling in, and that the staff is doing their best to keep the website updated with bike availability — bikes which are steeply discounted, as much as 50%. If you want to score a deal, it won’t be easy. Singletracks commentors have had a difficult time finding availability on the website, with one saying, “Is anything actually available in the fire sale? Was it ever? I’ve been checking their site since the day the closure was announced and nothing ever showed in stock.”
In a recent email, Revel shared that the remaining staff are doing their best to fulfill orders. “It’s just taking a little longer than usual because of the unexpected surge in orders. Right now, we’re estimating about 7-10 business days from when you place your order to when it ships. Additionally, please also allow us a little extra time to get back to you via phone calls and emails as we’re a smaller crew at the moment and doing out best to get through all your messages.”
As for future warranty coverage of Revel bikes, no information has yet been released.
Is this the end of the road for Revel?
Despite the debt foreclosure, the brand continues to drop hints that this might not be the end of the road. An April 25 social media post begins by saying, “Revel Bikes Crew here! 👋 Can’t get rid of us that easy…”
The most recent announcement explicitly mentions the possibility that the brand may continue. “That said, through this process, we’ve gained more hope that someone may pick up the pieces, and Revel may live on, somehow. We don’t have any details yet and expect this to take a few weeks to sort out.”
“A few weeks” is a relatively short and optimistic timeline. So if you want to score a Revel at firesale prices, you’d better pull the trigger now! Here at Singletracks, we’re on the edge of our seats to see if Revel will manage to pull through this tough time.
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