Rad Power Bikes to conduct fourth round of layoffs

 

Rad Power Bikes announced its fourth round of layoffs in the past twelve months.  The company, which had ~400 employees, did not confirm the number that would be let go.  The bike manufacturer previously cut an unknown number of positions in December, 63 in July, and 100 roles in Apr. 2022. In November, Mike Radenbaugh stepped down from the CEO role and was replaced by former president and COO at the company, Phil Molyneux. The company has been subject to recent lawsuits, involving accidents and property damage from a fire. Rad Power Bikes had a $1.65B valuation in October 2021.