Lockdown impact: On World Bicycle Day, famous Atlas Cycles shuts down, 700 people lose jobs

https://www.nationalheraldindia.com/india/lockdown-impact-on-world-bicycle-day-famous-atlas-cycles-shuts-down-700-people-lose-jobs?fbclid=IwAR204x3hRPa9lp_nTWeiNc87-5vJ1fu3RfaNYZu8Vm1Gd0aHPo-kVF2pcXc“Post lifting of lockdown with effect from June 1, 2020, Sahibabad unit of the company is not in a position to resume manufacturing operations due to financial constraints. Hence, the workforce of Sahibabad unit of the company will be laid off with effect from June 3, 2020, till adequate arrangement of funds is made,” the company said.

The company said that due to severe cash crunch, it was difficult for the company to even procure raw materials.

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