K2, the company behind the electric skaters popular “lifestyle” skate line, is shutting its doors after four years of operations, the Los Angeles Times reported.
The LA Times reported that the brand was purchased in 2014 by the skate brand’s parent company, Skate City Skate.
In the past year, the Skate brand has struggled financially and the company announced plans to exit the US.
According to the LA Times, K2 has lost a significant amount of its cash.
Last year, K-2 said it had a net loss of $3.7 million, which is $2.5 million more than its first-quarter net loss.
The company said in a statement that the company has sold approximately 30,000 electric skats over the past five years.
In 2016, the skate company began offering a limited-edition “K2 Pro” skate model in collaboration with the brand.
SkateCity Skate CEO Ryan Jorgensen said in March that the Skating Academy was no longer interested in producing the skate.
Jorgenson, a former US Olympic skater and a former owner of the Los Gatos skate shop, said the company’s decision to close the shop came as a result of competition from skateboard brands.
He said that skateboarding had become so popular in the US that skate brands had to look for ways to differentiate themselves.
“The skate industry has become so saturated that brands are going to have to be able to differentiate and not be tied to one brand,” Jorgersen told the LA Review of Books in March.
He also added that Skate Academy has been able to sell enough skateboards and skate accessories to keep the company going.
“I don’t think it’s going to be a problem,” he said.
“We are doing a lot of great things and we’re going to continue doing them.”
The Skate community has rallied around the brand and Jorgens family.
The Skating Club, a group of skateboarders, organized a fundraiser last year to help fund the company.
“There was no doubt we were going to keep K2 going, but it’s really unfortunate that the decision has come as a complete surprise to all of us,” board member Ryan Stumpf said.
In a statement released Tuesday, the board said the organization is “deeply saddened and angry” to hear of the decision.
“K-2 is a very strong brand with a loyal fan base.
The board is disappointed that this was the end of a beloved brand,” it said.
Skates have become more popular since they began to become more mainstream in the 1990s.
In 2011, the popularity of skateboards was in a steady decline and in 2016, a new generation of skaters became more comfortable on the sport’s most popular machines, such as the Sk8-Hi and the ZX-10R.