Tehran, Iran, Apr. 17
By Mehdi Sepahvand – Trend:
Iran’s only bicycle producer Assak has gone bankrupt and closed down, said Mohammad Khadem Mansouri, president of Bicycle and Motorcycle Sellers Association.
Each year over 2 million bicycles are imported into Iran, which has led to the bankruptcy of the Iranian company, he told Tasnim news agency April 17.
The 35-year-old company had resumed operation after a 10-year closure, but had to close again for low functionality, he said.