VanMoof e-bikes has declared chapter

E-bike firm VanMoof has declared chapter for all its Dutch entities and goals to discover a purchaser within the “subsequent few weeks.” The announcement comes alongside the court docket of Amsterdam’s withdrawal of suspension of fee proceedings and appointment of two trustees to supervise a attainable third-party sale of the property to ideally preserve VanMoof functioning. The information got here via a mass electronic mail to Dutch workers that was subsequently shared on Reddit.

Chapter proceedings have come to VanMoof lower than two years after it claimed to be the “most funded e-bike firm on the earth” whereas asserting a $128 million funding. But, bother has been brewing for a while, with it allegedly costing more cash to promote and repair its bikes than folks had been paying for them. Dutch monetary outlet FD reported an €11.9 million ($13.4 million) gross margin loss for VanMoof in 2021, with €8 million ($9 million) spent on repairs and replacements. The corporate’s worldwide entities, in locations like the USA and Taiwan, aren’t a part of the chapter proceedings.

VanMoof informed workers there are “no funds to pay the salaries” long-term and gave them a six-week discover interval by which they’re anticipated to work and can obtain their ultimate funds. A part of this time will entail returning bikes presently in service again to clients. VanMoof is de facto leaning in on its workers to maintain working laborious, stating: “It’s needed to remain robust and to proceed along with your required work. We hope all people retains up their finest efforts so we will safe a very good future for this stunning firm and model collectively.”

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Supply: Engadget