Rad Power Bikes is currently undergoing Chapter 11 bankruptcy proceedings, reporting total liabilities nearing $73 million against assets of $32 million. The Seattle-based electric bike manufacturer announced significant financial difficulties, which led to its bankruptcy filing earlier this month.
Taking the helm as the new CEO is Angelina “Angy” Smith, who was previously the chief financial officer. She is the fourth individual to assume the CEO role within three years, following Kathi Lentzsch, who held the position since March and Phil Molyneux, who resigned earlier this year.
Rad Power Bikes, founded in 2007 and launched in 2015, has experienced a decline in sales following the pandemic. The company, once a leading seller of e-bikes in North America, has faced layoffs and increasing economic challenges, including tariffs. Revenue has decreased significantly, dropping from $129.8 million in 2023 to $63.3 million in the current year.
Despite these challenges, Rad Power Bikes is reportedly pursuing a sale to ensure the brand's continuity in the market.