An 18-year-old company that was in the vanguard of the e-bike movement has now filed for bankruptcy.
According to seattletimes.com,‘Seattle-based Rad Power Bikes, a pioneer in mass-market e-bikes, filed for bankruptcy protection earlier this week as it continues to look for a buyer amid falling sales and massive debt.Court documents show the 18-year-old company owes nearly $73 million to dozens of creditors, including the federal agency that collects tariffs, but has only $32 million in assets.’
For years, Rad Power Bikes, based in Seattle, was known for creating a high-quality Innovative product. When they hit the market, they were in high demand. All the design and engineering were accomplished in Seattle, with the manufacturing farmed out to China. The company went to great lengths to make sure that what they designed was what they received, and their customers appreciated their attention to detail.
so now what?
Rad Power Bikes filed their chapter 11 bankruptcy In US Bankruptcy Court in Spokane, WA. Because it’s a Charter 11 filing, Rad Power Bikes is allowed to continue to do business and try to reorganize their business in order to sell their company. They have two months to make it all happen.
In a statement, Rad Power Bikes said. “Our goal is to keep the company intact and preserve the relationships we have built with riders, vendors, suppliers, and partners. We are not giving up.”…