Dutch e-bike maker VanMoof has declared bankruptcy

AMSTERDAM (Reuters) – The Dutch e-bike maker said on Tuesday it had filed for bankruptcy and officials were considering whether it could sell assets and restructure to save the company.

VanMoof, which raised 100 million euros ($112.56 million) to expand internationally as sales boomed during the COVID-19 pandemic, filed for protection from creditors last week.

A company statement said a judge at the Amsterdam District Court declared the company’s Dutch operations bankrupt on July 17.

Two directors appointed to oversee the company “continue to assess the situation at VanMoof,” including whether it can sell assets, reorganize and continue in business.

VanMoof bikes feature a sleek, minimalist design with a battery built into the frame and have become popular on the streets of Amsterdam, where the company was founded in 2009.

Dutch broadcaster NOS reported that the company, which sold bikes for more than €2,000 ($2,250) each, suffered high costs for maintaining and repairing the bikes during the warranty period. About 200,000 have been sold worldwide.

Amsterdam police said on Tuesday their phone lines were flooded with customers complaining of “theft” because they had paid for bikes that were not delivered or because they had bikes being repaired at the company’s now-closed shops.

“The police cannot do anything for customers, no matter how upsetting it may be,” a police statement read.

Bankruptcy is a civil dispute, not a criminal case.

VanMoof’s statement indicated that the company’s international subsidiaries are not part of the bankruptcy. The company declined to comment further.

NOS reported that brothers Taco and Tess Carlier, founders of VanMoof, thanked the company’s workers in an internal email sent to its 700 employees.

“We are sad, but above all proud of what we have accomplished,” the email reads.

($1 = 0.8890 euros)

(Reporting by Toby Sterling) Editing by Muralikumar Anantharaman, Louise Heavens and David Goodman

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