Malaguti Moto is closing, according to reports from Italy.
Omnimoto.it is reporting the Italian-based scooter and moped manufacturer has laid off 160 employees, keeping only 17 around for parts manufacturing. The company has been in financial straits for years, and has remained unsuccessful in attempts to attract a buyer.
The company was kept afloat for a while on government funding, but that’s set to run out next month.
The report blames booming sales of low-priced scooters from Taiwan and China for Malaguti’s woes.
Dick Davidson, you should have bought new!