Core Viewpoint - Rad Power Bikes has filed for Chapter 11 bankruptcy protection, indicating financial distress and the need for new funding to continue operations [1][2] Company Situation - The company will continue to operate during the bankruptcy proceedings and aims to sell the business within 45-60 days [1] - Rad Power has $32 million in assets and $73 million in liabilities, with over $8 million owed to the U.S. Customs and Border Protection for unpaid tariffs [5] Industry Context - Rad Power is part of a trend where several e-bike companies have faced bankruptcy as the initial excitement from the pandemic has diminished [2] - Other companies like VanMoof and Cake have successfully re-emerged from bankruptcy through court-led restructuring processes [2] Recent Developments - In November, Rad Power had a promising deal to secure funding that ultimately fell through, contributing to its financial troubles [3] - The Consumer Product Safety Commission issued a warning regarding older Rad Power batteries, which the company disputes [3] - The company has undergone multiple layoffs and a CEO change, with the new CEO, Kathi Lentzch, shifting the business model from direct-to-consumer to a retail-focused approach [4] Strategic Shift - The new retail-focused approach is intended to create opportunities to reach more customers and strengthen relationships [4][5]