AMSTERDAM (Reuters) -VanMoof, a Dutch e-bike company that raised 100 million euros ($110 million) to expand internationally as sales boomed during the COVID-19 pandemic, has filed for protection from creditors, a court spokesperson said on Wednesday.
VanMoof, which has around 700 employees, later issued a statement confirming the filing and said that the court has appointed two administrators to oversee the company during a 60 day “cooling down” period.
“The administrators are currently assessing the situation in order to find a solution so that VanMoof can continue its activities,” the company said in an e-mailed statement.
VanMoof, founded in 2009, is known for making bikes with a sleek minimalist design that includes batteries built in to the frame. Most models sell for 2,000 euros or more.
The company stopped accepting orders for new bicycles two weeks ago, citing logistics problems. Doors at its headquarters in east Amsterdam had been shut on Wednesday afternoon, leading to a crowd of unhappy customers standing outside.
The company confirmed a report in NRC Handelsblad that stores will remain closed for the time being “for the safety of our colleagues.”
“We … will separately contact all customers as soon as possible regarding pending deliveries or repairs,” the company said.
Investors include Hillhouse Capital, Norwest Venture Partners, Felix Capital, Balderton Capital and TriplePoint Capital.
($1 = 0.9013 euro)
(Reporting by Charlotte Van Campenhout, Bart Meijer and Toby Sterling in Amsterdam; Editing by Matthew Lewis and David Gregorio)