To all our valued dealers, consumers, team riders, suppliers, media, and friends;
Triple 7 Group Inc, a private equity investment firm and parent company of One Industries and Valencia Sport Group (VSG) USA, Europe, and Canada (Sixsixone Canada), have decided to shut down Sixsixone Canada, effective July 31, 2009. It is with much regret that I inform you of this difficult decision. Reasons cited for the closure are mainly due to the relative small volume of business and low return on investment compared to the amount of receivables and inventory necessary to operate, as well as the volatility of the Canadian dollar and the current economic climate.
I must stress to you that while I don't agree with this decision, sometimes tough decisions must be made and since I no longer own the company, it was not my choice. Also, please note that we are not going bankrupt or into receivership, and we are not being forced out of business. As a matter of fact, the company is profitable and has enjoyed record sales since January, but Triple 7 is restructuring and downsizing many parts of its' operation. This is a voluntary closure, and all current accounts payable will be paid accordingly.
Effective June 1, 2009 we will be liquidating our inventory, and there are fantastic opportunities for dealers to take advantage of. The liquidation sale is attached.
All sales terms from this date forward until July 31, 2009 must be prepaid by credit card before shipping or COD. On July 16th we will begin transferring the majority of leftover inventory to Parts Canada, so act fast while there is still a good selection.
Sixsixone Canada will be closed for business as of July 31, 2009, and effective August 1, 2009 Parts Canada will take over the distribution for Sixsixone, Sunline, Tag, Filtron, Renthal, and Pro Circuit. Gamma Sales will handle Fly Racing and Mechanix Wear. Gaerne will also have a new distributor, but they will be announced at a later date. Please note Mechanix Wear Canada Inc is a completely separate unrelated entity and is not closing.
Going forward, Chris Buckrell and Brad McLean will be employed by VSG USA to help with the transition and work together with Parts Canada and their sales team to ensure the best possible level of service for the brands, as well as with Norco on the bicycle side.
In closing, I really appreciate your support and would like to thank all of you for the business and friendship over the many years of working together. I have a few new opportunities to consider and will be in touch as things come together.
Best regards,
Rick Sheren
Managing Director
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