RECASTS, ADDS quotes, details
Dutch electric bicycle maker VanMoof has been declared bankrupt, prompting the company to cease sales on Tuesday and angering customers who sought to file charges over the shop’s failure to return broken bikes.
VanMoof, whose popularity earned it the name “Tesla of e-bikes,” but which has faced financial problems, had raised $128 million as recently as September 2021.
At the time the company was trying to expand as it rode a boom in the e-bike sector as the Covid pandemic prompted people to seek alternative means of transportation.
But it has struggled since then, with Dutch media saying it was plagued by bad publicity as bikes broke down frequently and repairs took too long.
On Tuesday, police asked angry…
Read the full article at: https://www.barrons.com/news/dutch-e-bike-firm-vanmoof-declared-bankrupt-c635dab1