You might not be familiar with the name Peter Stevens, but the giant motorcycle dealer tells a story that's becoming all too common in the motorcycle and powersports industry. It has gone into administration, which can't help but remind me that Arctic Cat was sold last year, and one of the powersports industry leaders, Polaris, had to make serious cutbacks last year, which will likely continue into 2025.
But Peter Stevens going into administrations isn't just bad for the owners—a lot of folks are getting screwed.
The retailer is $65 million in debt, and those losses are shared amongst creditors and customer deposits. A lot of folks are left holding the bag with this one, but the ones suffering most are the employees. An estimated 400 jobs are at risk, which is unsurprising considering this is one of Australia's largest motorcycle retailers, with 15 dealerships spread across the country. More worrying still is the fact that the business still owes more than $1.6m to its employees.
