Blue's CEO, industry veteran Steven Harad, says the company will shut down if it doesn't find an investor or buyer by Friday.
has $1 million in inventory - 2014 model year bikes - unpaid for and "sitting on a dock in Asia."
Blue Competition Cycles remains owned by Lake Rudd Capital
, which bought the brand from its founders late last year.
Lake Rudd principal Bill Overbay has not returned calls from BRAIN seeking comment; Case said he
is not in contact with Overbay.
An amateur women's cycling team says its members paid $22,000 in deposits on an order for frames and bikes from Blue
that were never delivered.
is aware of the dispute but can't comment on it.
Harad is an industry veteran who has worked for ASI's Kestrel and Oval Concepts brands and for Threshold Sports, the producer of the Pro Cycling Tour.
now has a staff of five, and Harad
said the company had been forced to sell off some equipment and lay off one employee to stay in business as long as it has.
said unless a bailout is found very soon, he
will be forced to shutter the doors and walk away.
'I'm staying on to the bitter end, but at this point it's kind of a Hail Mary situation looking for a buyer or an investor," he
Case indicated that despite the dispute with Overbay, Harad
had earned his respect.
"We have no interest in Blue
at this point, except that personally, professionally, we'd like to support Steve
as a good industry person who we would like to help."
was aware that an amateur women's cycling team was in dispute with Blue
over the delivery of bikes and frames but said he
could not comment on the situation.