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Iconic Atlas Cycles Shut Down its Last Manufacturing Unit
Iconic Atlas Cycles Shut Down its Last Manufacturing Unit
Published On: 8 June 2020
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Atlas Cycle has shut down its manufacturing unit at Sahibabad on World Bicycle Day.
Atlas Cycle recently shut down its last manufacturing unit in Sahibabad nearby Delhi NCR. The step was taken due to the lack of funds. This plant at Sahibabad was started in 1989 and was the biggest in the country. It churned out over 2 lakh bicycles every month. According to a source, the company is claiming this to be a temporary shutdown. It is likely to resume operations once Atlas is able to raise Rs 50 crore by selling surplus land.
June 3 is marked as the World Bicycle Day. The company had shut the manufacturing unit on June 3, 2020. Along with that, it had also laid off 431 remaining employees. These employees are still on the company payroll. They are also being paid 50 percent of their basic salary and dearness allowance. The company will be paying them the lay-off wages upon marking attendance daily. The lay-off wage typically includes 50 percent of basic salary and dearness allowance. The company was going through a financial crisis. It had spent all its funds to keep the factory afloat. Due to this condition, the company had to take such a drastic step to shut down as they were unable to buy raw materials and manage day-to-day operations.
Atlas Cycle set up its first plant in 1951. The country’s largest cycle manufacturer was the official supplier of bicycles to the 1982 Asian Games that was held in New Delhi. The brand gave most of the people their first cycle. Be it races with friends or trips to tuitions, one prized possession for every 90’s kid was their bicycle. When it came to buying one, every kid wanted an Atlas Bicycle. The shut down of the brand’s last manufacturing unit has left most of the people utterly disappointed.
