Seattle-based electric bike company Rad Power Bikes has laid off employees for the fourth time since April 2022.
A company spokesperson confirmed the cuts to the Business Journal on Thursday but didn't provide specifics about how many employees were laid off or how many remain at the company.
It's the second round of layoffs since November when founder Mike Radenbaugh stepped down from the CEO role and into the chairman role.
"We hoped the changes we implemented last year would put Rad in a better position to withstand the current economic downturn," the spokesperson said in a statement to the Business Journal. "However, given current market realities, we are forced to further reduce the size of our team. This unfortunate measure is necessary for Rad to correct course and become a sustainable, enduring business. We are confident in the path forward."
Rad Power laid off roughly 100 workers in April 2022 when it shuttered its mobile services arm. The company then laid off 63 workers in July, citing an uncertain economic outlook and increased operating costs. Rad Power laid off more employees last December but didn't specify how many. The company has more than 425 employees listed on LinkedIn.
Rad Power brought on Phil Molyneux, the former president and chief operating officer at Sony Electronics, to replace Radenbaugh, who founded the company in 2007. Molyneux had also served as a regional president at Dyson, the maker of vacuum cleaners, hair dryers and air purifiers.
Rad Power makes multiple models of e-bikes, and the company says on its website it has more than 550,000 riders across the globe. The company also partners with Domino's to supply delivery workers with e-bikes. Rad Power raised more than $300 million across two funding rounds in 2021.
