Bike maker VanMoof also files for bankruptcy in Germany
The Dutch electric bicycle maker VanMoof is also entering bankruptcy proceedings in Germany, according to a ruling by the court in Berlin, which has appointed a provisional administrator. An appeal can still e lodged, the court said.
The VanMoof website states that the store in the German capital will be closed all week. The stores in other German cities, like Frankfurt, Cologne, and Haonver, seem to be open. The court has ruled that VanMoof must hand over its finances to the administrator.
The court in Amsterdam declared the Dutch branch of VanMoof bankrupt in July. The business units abroad were not included in this bankruptcy. The bankruptcy administrators are still investigating whether a restart is possible. Last week, the CEO of the American mobility.com, which was in the running for a takeover, reported that his offer had been rejected. Micromobility.com makes electric bicycles and scooters and is active in the United States and Europe.
VanMoof was declared bankrupt after consecutive years where they posted losses of tens of millions of euros. In 2021 alone, the company ended with a loss of 77.8 million euros on revenue of 65.6 million euros. This was partly due to the high repair costs of the bicycles, which were often defective. The e-bikes are made with many of VanMoof’s own parts, which also turned out to be a financial Achilles’ heel. Huge investments were required.
Since VanMoof was founded, 190,000 bicycles have been sold worldwide by the brand. In addition to the Netherlands and Germany, the bicycle company also has stores in the United States, Ireland, the United Kingdom, France, Austria, Japan, and Denmark.
Dutch VanMoof customers can pick up their bicycles from the shops in Amsterdam, Rotterdam, and Utrecht until the end of this week. VanMoof stressed on its websites that the shops will only be open for collecting bicycles. Staff members help with this but can no longer carry out repairs. They also can’t answer questions about outstanding orders or refunds.
Reporting by ANP
