Cannondale Sports Unlimited’s parent company, Dorel Industries, has hit the deadline of a four-year window to retain 143 jobs from its move from Bethel to Wilton and to add 75 additional jobs by Aug. 1, 2017.
At stake is a $3-million, partially forgivable loan issued to the bicycle maker by the state Department of Economic and Community Development.
The loan was created to encourage Cannondale to stay in state after it outgrew its facility in Bethel.
According to the department, $2 million of the $3 million loan issued to Cannondale Sports Unlimited is forgivable if the company meets the expectations.
A spokesman for the state said on Aug. 17 the department’s workers are vetting the information provided by Cannondale, to see whether the company has met the goal.
The company has had a couple of rounds of reported layoffs in the last several years so it is questionable whether it can meet the requirements.