Business Services Industry
Bethel, Conn.-Based Upscale Bike Maker Is on Uphill Climb to Profitability.
Knight Ridder/Tribune Business News, April, 2004
By Fran Silverman, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Apr. 3--A year ago, Matt Mannelly walked into a bankrupt Connecticut bicycle company not knowing what to expect, but knowing what he hoped would happen.
A former marketing director for Gatorade and Nike, Mannelly was intent on pedaling the Cannondale Bicycle Corp. on an uphill ride to profitability.
But he faced a steep climb. The Bethel-based company, known worldwide for an upscale line of racing and recreational bikes, had filed for Chapter 11 protection after a disastrous five-year trip into the motorcycle market.
The January 2003 filing was the low point in the company's 33-year history.
Founded in 1971, Cannondale made a name for...
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