Receivership will ‘alleviate unsustainable costs’ for Mavic, Regent partner says

By Steve Frothingham

Mavic’s US operations unaffected by troubles in France, CEO says.

PARK CITY, Utah (BRAIN) — Mavic’s U.S. operations are continuing as usual despite the brand’s French wing being put into receivership, the CEO of MAVIC USA told BRAIN.

“For all intents and purposes, it’s business as usual in the U.S. and Canada,” said David Steinhafel, the CEO. Steinhafel is a principal in Regent LP, the California-based investment group that acquired Mavic from Amer Sports last year.

Steinhafel said the North American operations are separate legal entities from the French business that is undergoing restructuring. The French company, Mavic SAS, has been under management by a turn-around firm since February.

Steinhafel said the U.S. operations have resumed operations following a shut down due to COVID-19 and that customer service and sales functions are underway at the brand’s U.S. center in Utah. He said he expects no product shortfalls here. The company’s operations in France remain closed due to the virus response, however.

In a letter to customers and other partners Monday, Steinhafel said the receivership process in France will allow the company “to alleviate unsustainable costs and hopefully access additional capital to secure the future of the business, and emerge a …read more

Via:: Bicycle Retailer and Industry News