Erik Buell Racing Shuts Down, Lets 126 Employees Go

  For the second time in less than a decade, an Erik Buell motorcycle company is closing its doors. Erik Buell Racing (EBR), the successor to the defunct Buell Motorcycle Company (BMC), reportedly owes more than $20 million and was forced to shut down and let its 126 employees go. Based in East Troy, Wisc., EBR opened in 2009 after Harley-Davidson ended its 26-year subsidiary partnership with BMC (Buell is a former H-D engineer, for those who don't know). EBR set out with high hopes, aiming straight for the most competitive racing motorcycles and launching with the 1190RR. It then put out its first street bike, the $40,000 1190RS (1,190cc) for the 2012 model year for a limited run and eventually built the 1190RX as its first production bike in 2013. RELATED: BMW M Concept is One Slick Motorcycle "The turn we recently took, after we thought we were moving forward, was unexpected," Erik Buell said in a statement. "We thought we had secured funding, but in the end, we were not able to get the funding in place. Therefore we need to do the best we can under the circumstances for all parties in interest." According to the Milwaukee Journal-Sentinal, EBR filed for Chapter 128, a voluntary debt consolidation alternative to bankruptcy. This comes after India's biggest motorcycle company Hero purchased a 49 percent stake in EBR for $25 million just two years ago.  RELATED: Is This the Bugatti Veyron of Motorcycles? ____________________________________ Click Here to Read the Original Article on BoldRide