Dutch e-bike maker VanMoof has filed for bankruptcy as administrators consider whether the company can sell its assets and restructure to save the business. VanMoof, which raised 100 million euros ($112.56 million) to expand internationally during the COVID-19 pandemic, announced on Tuesday that the Amsterdam District Court declared the company’s Dutch operations bankrupt on July 17. Two administrators have been appointed to assess the situation and explore options for the company’s future.
VanMoof is well-known for its sleek, minimalist e-bike designs with built-in batteries, and the bikes have become a common sight on the streets of Amsterdam since the company’s founding in 2009. However, high costs to maintain and repair bikes under warranty have been a challenge for the company, which has sold over 200,000 bikes worldwide, each priced at more than 2,000 euros ($2,250).
The company’s financial struggles have also led to difficulties for customers. Amsterdam police reported receiving numerous complaints from customers who have paid for bikes that were not delivered or have existing bikes being repaired at VanMoof’s now-closed stores. In a statement, the police clarified that they are unable to assist customers as the bankruptcy is a civil dispute, not a criminal issue.
It is worth noting that VanMoof’s international subsidiaries are not part of the bankruptcy. The company’s founders, Taco and Ties Carlier, reportedly expressed gratitude to its 700 employees in an internal email, stating that they are proud of what they have accomplished.
The future of VanMoof remains uncertain as the administrators continue their assessment and explore possible solutions to save the business.