Electric bike manufacturer VanMoof applied for payment deferment in a local court in the Netherlands. While not a full bankruptcy, this provision enables companies to apply for protection from creditors for up to 18 months. VanMoof closed all its stores and has anecdotally stopped providing bike servicing. - The bikes' closed design and app integration makes it difficult to be repaired by external shops. Prior to announcing its deferred payments, VanMoof had announced that car repair company KwikFit NL would begin providing bike services.
- The bike company was reportedly being impacted by a return rate of 10% and high costs of repairs.
- VanMoof raised a $128M Series C led by Hillhouse Capital Group in September 2021.
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