The Milwaukee Journal Sentinel shocked the motorcycle industry last week when it reported that iconic American sport bike manufacturer Erik Buell Racing ceased operations, putting 126 employees out of work.

Apparently, it’s true.

In response to the news, Mr. Buell wrote the following on his company’s Facebook page: “Thank you for the supportive posts, texts, and emails since the announcement that EBR has ceased operations. This is a difficult time, and your comments mean a great deal to me personally and also to the EBR team that has done such amazing work over the past few, intense years. . .”

According to the article, the company ran out of money and a deal to secure funding to keep it afloat fell through.

Erik Buell Racing was started in 2009, shortly after the Buell Motorcycle Company was shut down by its parent company, Harley-Davidson. Since then, Erik has invested a lot of his own blood, sweat, tears (and money) into the company to keep it going.

“While this is a sad ending, I personally hope for a new and better beginning,” he told the Sentinel.