Rad Power Bikes files for bankruptcy protection

Rad Power Bikes, the erstwhile ascendant electrical bicycle marque successful the US, filed for Chapter 11 bankruptcy extortion this week arsenic it seeks to merchantability of its company. The determination comes little than a period aft Rad Power said it could not spend to callback its older e-bike batteries that had been designated a occurrence hazard by the US Consumer Protection Safety Commission.

The bankruptcy, which was first reported by Bicycle Retailer, was filed successful US Bankruptcy Court for the Eastern District of Washington, adjacent the company's office successful Seattle. Rad Power lists its estimated assets astatine $32.1 cardinal and estimated liabilities astatine $72.8 million. Its inventory …

Read the afloat communicative astatine The Verge.