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VanMoof e-bikes has declared chapter

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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 potential third-party sale of the belongings to ideally maintain VanMoof functioning. The information got here by means of a mass email to Dutch employees 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 this planet” whereas saying a $128 million funding. But, hassle has been brewing for a while, with it allegedly costing extra money 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 US and Taiwan, aren’t a part of the chapter proceedings.

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

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