Rad Power Bikes files for bankruptcy and is looking to sell the business

Rad Power Bikes, a prominent electric bike manufacturer, filed for Chapter 11 bankruptcy protection, aiming to sell the business within 45-60 days while continuing normal operations. The company cited the bankruptcy as a way to preserve its relationships with customers, vendors, and partners. This move follows a turbulent period marked by multiple layoffs, a CEO change, and a strategic shift from a direct-to-consumer model to a retail-focused approach under new CEO Kathi Lentzch. Rad Power entered bankruptcy with $32 million in assets against $73 million in liabilities, including over $8 million owed to U.S. Customs and Border Protection for unpaid tariffs, a debt listed as disputed. The filing comes amid broader challenges in the e-bike industry, which has seen several companies file for bankruptcy after pandemic-driven demand waned. Rad Power’s difficulties were compounded by a Consumer Product Safety Commission warning about fire risks associated with older Rad Power batteries, a claim the company disputes. Previously, Rad had hoped to secure funding through