Bike rack maker Thule closing Longmont office, laying off up to 22

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Thule is most known for vehicle accessories like bike racks. (Courtesy of Thule)

Thule is packing up.

The Swedish maker of bike racks will close its Longmont office at the beginning of October, human resources director Kim Greene told BusinessDen.

Some of the 40 employees who work at 2420 Trade Centre Ave. will decide whether to remain with the company, Greene said. Eighteen of them are set to work remotely for Thule, while 22 can either transfer to the company headquarters in Sweden or U.S. headquarters in Connecticut, or accept a severance package.

Though Thule notified the state that all 22 workers will be laid off, Greene said that’s not necessarily the case. They have 45 days to let her know what they choose to do, she said.

Some of the affected positions include designers, developers and graphic artists.

“The office will close the first week of October, and the employees by then will have all made their decisions,” Greene said.

Though Greene didn’t comment on why Thule is closing the office, it appears connected to a downtick in sales and profitability.

The company, which is traded publicly on the Swedish stock exchange, saw its sales decline each consecutive quarter last year from Q2 through Q4 and reported losing about $4 million from October through December.

At an investor meeting in late March, CEO Mattias Ankarberg described Thule’s Q1 and 2025 market as “generally tough … particularly in North America.” Since Feb. 17, its share price has fallen 35%.

Thule also has a 1,600-square-foot retail shop at 16 Market Square in LoDo, which opened in 2021. It was the company’s first North American store.