Rad Power Bikes files for bankruptcy protection
TL;DR
Rad Power Bikes, a major US e-bike brand, filed for Chapter 11 bankruptcy to sell the company after failing to afford a recall of fire-risk batteries. The filing shows assets of $32.1 million and liabilities of $72.8 million.
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Rad Power Bikes, the once dominant electric bicycle brand in the US, filed for Chapter 11 bankruptcy protection this week as it seeks to sell of its company. The move comes less than a month after Rad Power said it could not afford to recall its older e-bike batteries that had been designated a fire risk by the US Consumer Protection Safety Commission.
The bankruptcy, which was first reported by Bicycle Retailer, was filed in US Bankruptcy Court for the Eastern District of Washington, near the company's headquarters in Seattle. Rad Power lists its estimated assets at $32.1 million and estimated liabilities at $72.8 million. Its inventory …