Rad Power Bikes has filed for bankruptcy and is looking to sell the company

Electric bicycle company Rad Power Bikes filed for Chapter 11 bankruptcy protection on Monday, weeks later He warned employees that it might close without new funding.

The company will continue to operate while the bankruptcy case is ongoing, and is looking to sell the company within 45 to 60 days, a spokesperson told TechCrunch.

“This move allows us to continue operating in the normal course of business while striving to achieve the best possible outcome for the people who rely on Rad every day,” they said in a statement. “Our goal is to maintain the integrity of the company and maintain the relationships we have built with riders, vendors, suppliers and partners.”

Rad Power is the latest in a string of e-bike companies from around the world to go bankrupt after the pandemic-era excitement for the category faded. However, some of these companies have resurfaced, with VanMoof and Cake finding new owners during court-led restructurings.

He was rad himself He told the staff Last November, there was a “very promising” option to keep the company afloat that was “likely to close,” but the deal collapsed. The company did not share further details about this potential deal.

Weeks later, the Consumer Product Safety Commission (CPSC) issued a warning Older Rad Power batteries pose a “risk of serious injury and death” after receiving 31 reports of fires. Rad Power said it “strongly disagrees” with the Consumer Product Safety Commission’s (CPSC) characterizations.

Rad’s difficult November came at the end of a somewhat turbulent few years for the company. It has gone through multiple rounds of layoffs and… CEO Exchange Earlier this yearbrought in a CEO with decades of experience turning around underperforming companies. That new CEO, Cathy Lentzsch, said Rad was moving away from the direct-to-consumer model that helped fuel its rise and toward a retail-focused approach.

“This transformation creates new opportunities to reach more passengers, strengthen customer relationships, and evolve the brand in meaningful ways,” she said in a statement at the time. “(I)t’s a great time to join the team.”

The company said it entered the bankruptcy process with assets of $32 million and liabilities of $73 million. More than $8 million of its debt was owed to the US Customs and Border Protection Agency for unpaid customs duties. (The company listed this claim as “disputed” in its bankruptcy papers.)

It’s not clear how much this contributed to RAD’s slide into bankruptcy. But this wouldn’t be the first time Donald Trump’s tariffs have helped push a micromobility company to the brink. During his first term, Trump imposed tariffs on Chinese imports Help get the remaining wind out Boosted electric skateboard sails. Boosted went away soon after.