VanMoof, the e-bike company, has officially filed for bankruptcy for all its Dutch entities and is actively seeking a buyer within the next few weeks. This announcement follows the court of Amsterdam’s decision to lift the suspension of payment proceedings and appoint two trustees to oversee the potential sale of VanMoof’s assets to ensure the company’s continued operation. The news was initially shared with Dutch employees via a mass email, which was subsequently shared on Reddit.
The bankruptcy proceedings mark a significant turn of events for VanMoof, as it was just two years ago when the company proudly claimed to be the “most funded e-bike company in the world” following a $128 million investment. However, trouble has been brewing for some time now, with reports suggesting that the costs of selling and servicing its bikes were outweighing the revenue generated from sales. According to the Dutch financial outlet FD, VanMoof incurred an €11.9 million ($13.4 million) gross margin loss in 2021, with an additional €8 million ($9 million) spent on repairs and replacements. It’s worth noting that the company’s international entities, such as those in the United States and Taiwan, are not included in the bankruptcy proceedings.
In a message sent to employees, VanMoof conveyed that there are currently no funds available for long-term salary payments. However, the company did provide a six-week notice period during which employees are expected to continue working and will receive their final payments. Furthermore, part of this notice period includes the task of returning bikes currently in service back to customers. VanMoof is strongly urging its employees to persevere and maintain their dedication, stating, “It is essential to stay resilient and carry out your assigned duties. We hope that everyone continues to give their best efforts so that we can secure a prosperous future for this exceptional company and brand together.”
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