Atlas cycle closed its last manufacturing unit on the day of ‘cycle day’

[caption id="" align="alignnone" width="665"] Notice pasted on the gate of Atlas manufacturing unit[/caption]

Atlas, the country's largest bicycle manufacturing company, closed indefinitely on the day of 'Cycle Day', almost 700 employees became unemployed. Atlas's last factory was in Ghaziabad, two factories have been closed earlier.

The factory at Atlas Cycles, Sahibabad in Ghaziabad had an annual production capacity of about 40 lakh cycles. About 1400 permanent and temporary workers worked in this factory, but for some time, the pace of cycle production was slow and about 700 permanent and temporary workers worked here. Now the production crisis made a big problem in front of these 700 people.
The company pasted the notice on the factory gate which said :-

The company has been going through a huge financial crisis for the last several years. The company has spent all available funds and the situation is that no other sources of income are left, even the money is not available for the daily expenses. They are also unable to purchase raw materials until the servicemen manage the money. In such a situation the serviceman is not in a position to run the factory. This situation is likely to persist until the employer manages the money.

Therefore, all workers are declared on the lay-off tomorrow from 03.06.2020. During the lay-off period, the workers should come to the factory gate every day (except weekly holidays) and make their attendance as per the rules, otherwise they will not be entitled to get the sit-off compensation.

Atlas Cycles Limited set up its first plant in 1951 in Sonepat, Haryana. After this, in view of the increasing demand for cycles of the Atlas brand, the company set up two more plants. One plant was at Malanpur in Madhya Pradesh and the other plant at Sahibabad Industrial Area in Ghaziabad district of Uttar Pradesh. But the cycle of time turned around as Atlas Cycles Limited started facing financial crisis. The company closed its plant in Malanpur, Madhya Pradesh in December 2014. After this, the company also locked its manufacturing unit in Sonepat, Haryana in February 2018. Now the company has also closed its third and last plant.