The country’s famous bicycle company Atlas cycle has shut down on running the factory due to financial constraints. The company says that they no longer have any money left. The company has reported lay-offs for its employees. Atlas Cycles (Haryana) Limited, an Indian company that created bicycles, on World Bicycle Day 2020 closed down due to an economic crisis.
Atlas has given up on running the Ghaziabad factory in Uttar Pradesh. A notice has been given by the company to the workers here. In this notice, the manager of the factory has said that the owners do not have the money to run the factory, so workers have been lay-off. The notice states that the company has been going through a huge economic crisis for the past several years. The company has spent all available funds. Now the situation is that the company has no source of income. Even money is not available for daily expenses.
As per the employee of the company, there are 450 permanent workers with 250 temporary workers a total of 700 workers will be affected by the closure of the factory. The Atlas cycle shut down is very unfortunate.
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