Eddy Merckx Cycles of Belgium made a loss of 5.7 million Euros in 2016 on top of losses in previous years, too. The loss in 2016 was blamed on a 25 percent fall in road-bike sales, said Bart Van Muylder, chairman of the board of Eddy Merckx Cycles and CEO of Diepensteyn NV.
"As specialist in this category we were hit unexpectedly hard,” Muylder told Bike Europe.
‘We were not able to compensate our decline in turnover in other bike categories as we are hundred percent dedicated to road race."
He added: “Our turnover was stable although we anticipated on a growth in sales. Still we are proud we could double our sales over the past two years and we still believe in the future of Eddy Merckx Cycles.”