Bianchi has been owned since 1997 by Cycleurope, part of Salvatore Grimaldi’s Swedish business empire, which also owns Crescent and Monark.
In October, an Italian court gave the company time to resolve its financial troubles, according to Bloomberg.
Under the restructuring plan, the manufacturer must sharply cut production of unprofitable electric bikes and focus on its classic products, such as road bikes.
“We invested too much in too many different areas at the same time. We have been too ambitious,” Cycleurope CEO Tony Grimaldi previously told the cycling website Escape Collective.
Founded in Milan in 1885, Bianchi is considered one of the world’s oldest bicycle brands.
The company is particularly known for its turquoise racing bikes. Among the famous riders who have competed on them are Italian Marco Pantani, German Jan Ullrich and Slovenian Primoz Roglic.
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