Denver

Overland bike shop Foundation Cycles closes, files for Chapter 7 bankruptcy – Denver, Colorado

Denver, Colorado 2021-09-16 03:06:02 –

Foundation Cycles opened in 2019 on the ground floor of Evans Station Lofts. (Courtesy of Foundation Cycles).

Despite the growing demand for bicycles as a result of the pandemic cabin fever, the local bicycle store was closed and subsequently filed for bankruptcy.

2140S at the foot of Evans Station Loft in 2019. Delaware St. Foundation Cycles, which opened in, filed for Chapter 7 bankruptcy on September 7.

Chapter 7 Bankruptcy is usually a liquidation process in which a trustee is appointed to oversee the sale of the debtor’s assets.

According to Filing, the store owes $ 281,139 to 17 creditors, some of whom have secured their debt. We have assets worth $ 42,164.

Owner Christopher Clark signed the filings on behalf of the business. He did not respond to requests for comment.

Foundation Cycles said in its filings that it generated $ 1.68 million in 2019 and $ 1.47 million in 2020. As of the filing date of September 7, the company’s 2021 revenue was $ 20,577.

According to the website, a full-service bike shop called “Riders Started Shops for Riders” specializes in high-end trails, enduro and downhill mountain biking.

Creditors listed in the filing included vendors such as Ohio-based Vaast Bikes, California-based Troy Lee Designs, several alert companies and their insurance companies.

Robertson Cohen, a Denver-based Cohen & Cohen lawyer, represents the company in bankruptcy proceedings.

Bicycle stores and manufacturers across the country are generally struggling to keep up with demand. Sales increased 38% from January 2020 to March 2020 and increased 78% during the same period this year. According to CBS..

Overland bike shop Foundation Cycles closes, files for Chapter 7 bankruptcy Source link Overland bike shop Foundation Cycles closes, files for Chapter 7 bankruptcy

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