MINNEAPOLIS (WCCO) — Minnesota-based Polaris Industries Inc. has announced Monday that it will be winding down its Victory Motorcycles brand and related operations.

Polaris says it will help dealers to liquidate existing inventories while continue to supply parts for a period of 10 years – along with service and warranty coverage to Victory dealers and owners.

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Polaris Industries Chairman and CEO Scott Wine said the decision was “incredibly difficult” for the company.

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“Over the past 18 years, we have invested not only resources, but our hearts and souls, into forging the Victory Motorcycles brand, and we are exceptionally proud of what our team has accomplished,” he said. “Since inception, our teams have designed and produced nearly 60 Victory models that have been honored with 25 of the industry’s top awards. The experience, knowledge, infrastructure and capability we’ve built in those 18 years gave us the confidence to acquire and develop the Indian Motorcycle brand, so I would like to express my gratitude to everyone associated with Victory Motorcycles and celebrate your many contributions.”

According to Polaris, the move was influenced by several factors, one being Victory’s struggle to “establish a market share needed to succeed and be profitable.”

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Polaris says the announcement does not affect any other Polaris business units.