R.I.P. Eastern

Eastern has been around longer then you have been alive (more than likely), but it might all be coming to an end. This week a judge ruled that Jon Byers and his associates needed to hand the company over because they owed 1.5 million dollars for manufacturing and owed 500,000 dollars worth of bikes to shops. I don't feel like I can explain it quite as well as the original article so go ahead and CLICK HERE to check it out.

Hopefully, the new owners won't kill off the company completely and they will come back stronger than before. One thing is for certain though, Eastern will not be the same from this day on.  What are your thoughts on this? Are you happy? Are you sad? do you think it's long overdue?

UPDATE: Jon Byers made a visit to the VitalBMX forum to let some of the riders know his feelings on it. I don't want to post the whole thing as it is in response to somebody else but here are the important parts below.

"All of the files related to this are public domain and have been for quite some time. I'd suggest anyone taking the time to comment also take the time to use their internet acumen and review the documents before making an intelligent post. Many have no idea what this is about and so I will be brief in comment without going into details of what is officially available. 

First, I'd like to thank every single rider and employee who has ever ridden or worked for us. You've all done an incredible job and I hope I didn't push you too hard, but am proud of the achievements you all have accomplished post employment. I'd also like to thank every customer who has ever bought a product from us.. you are among hundreds of thousands and Mike and I would like to thank each and every single one of you!!

Eastern is one of the largest privately owned BMX brands in the world, a level most companies will never see, yet we always tried to keep numbers under the radar and build the business without detection. Mike and I have never been coverage jockeys, but have offered a few interviews from time to time. Going from small offices and quickbooks to sophisticated ERP systems with multiple warehouses is no easy feat. All in the effort to support our customers. 

I guess here is the shocker for most of the people out there.. Eastern is still operating, still processing orders and still going. Mike and I are here to support the new owners in full. Eastern has not shut down and will not be shutting down. -Jon "

P.S. I dislike how he talks down towards other companies while he is the first BMX company in the past 5 years to be court ordered to hand his company over. I just feel like now of all times it is essential to be humble about it, but instead he just pointed towards his past success and not his present failures. Just my opinion on his statement.