Dutch electric bike maker VanMoof, whose popularity earned it the name "Tesla of e-bikes" but has faced financial problems, has been declared bankrupt by a court.
The company had raised €117m in September 2021 in an effort to expand as it rode a boom in the e-bike sector after the Covid pandemic prompted people to seek alternative means of transportation.
But it has struggled since then, with Dutch media saying it was plagued by bad publicity as bikes broke down frequently and repairs took too long.
Police are asking angry owners, who have sent their bikes to VanMoof for repairs, not to press criminal charges against the company for failing to return them, as it is not a criminal matter.
The Amsterdam-based firm lost almost €80m in 2021 and the same figure last year, according to reports.
A local court granted the company a stay of payment last week after it filed for protection from creditors.
But the firm said that the court has withdrawn that protective provision and declared the company bankrupt.
Two administrators have been appointed as trustees, and "are investigating the possibilities of a re-start out of bankruptcy by means of an asset sale to a third party", the company said in a statement.
VanMoof's bikes are sold in 20 countries and cost several thousand euros a piece.
They are known for their sleek, simplistic design, which includes a battery hidden in the frame.
The company has sold 190,000 bikes, but has now ceased sales. It said that no ordered parts would be delivered.
Dutch police asked angry VanMoof clients, whose bicycles have been in for repairs, not to press theft charges as their bicycles have not been returned.
"Victims are asked not to report to the police. A bankruptcy is a civil, not a criminal matter," the Amsterdam police tweeted.
"However annoyingly, police unfortunately cannot do anything in this case," the police said.
The firm's founders, brothers Taco and Ties Carlier, said in an email to staff today that they were "deeply sorry" for the situation.
"We launched VanMoof 14 years ago with the crazy idea of changing the world," they wrote, thanking their 700 employees.
