"The turn we recently took, after we thought we were moving forward, was unexpected. 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," Founder Erik Buell told The Milwaukee-Wisconsin Journal Sentinel.
Buell had pushed hard to keep the company going, investing his own money and attracting the help of Indian motorcycle manufacturer Hero. The Indian company took a 49.2-percent stake in the company after making a $25 million investment, although that apparently hasn't been enough to make up for struggling sales of the company's bikes, like the 1190 SX, which debuted last summer.
"To say this setback is a disappointment does not begin to express what I feel right now. I am personally grateful for the support of our outstanding workers, customers and vendors. While this is a sad ending, I personally hope for a new and better beginning," Buell said.