Louis Garneau, the Canadian brand of cycling apparel, has filed for bankruptcy protection in Canada and suspended the employment of 66 members of the staff at its headquarters in Quebec. The proceedings would not affect the company’s Sugoi subsidiary or its sales subsidiaries in the U.S. and Mexico. The filing lists debts of 32.7 million Canadian dollars (€21.7m-$24.6m). According to the Montreal Gazette, the president and founder, Louis Garneau, said in a press release that his company has lacked liquidity for the past three years, ever since two of its largest clients in Europe went bankrupt. Garneau’s immediate objective is to keep the headquarters functioning and retain as much staff as possible. The company will undergo a financial restructuring as well as “strategic and operational change.” Altready last autumn, it closed down its manufacturing facility at St-Augustin, Quebec, laying off 46 workers.