E-bike company Stella Fietsen was declared bankrupt on Friday, a spokesperson for the Gelderland court confirmed.
Earlier this week, the Dutch bicycle manufacturer applied for suspension of payments.
Stella has 440 employees in 48 branches in the Netherlands and Belgium, according to local media.
Former administrator Frans van Oss is now the curator. He stated on Friday that around ten potential buyers had expressed interest in a possible restart of the company. This would not provide a short-term solution, but discussions are continuing now that bankruptcy has been declared.
Stella Fietsen had “tens of millions of euros in debt,” which made bankruptcy unavoidable, according to the curator. None of the potential buyers wanted to take on those debts.
Those interested in a restart include “very serious parties,” Van Oss added. He expects more clarity next week.
Stella’s stores have been closed for several days since the news of the payment suspension leaked. Customers who have ordered or brought in bikes for repairs will be informed by 15 November at the latest.
The aftermath of the novel Coronavirus crisis, during which the market for electric bikes boomed and large inventories were built up, has already led to the bankruptcy of competitors VanMoof and Qwic.
Both e-bike companies have made a restart. VanMoof was taken over by British electric scooter manufacturer Lavoie, while a consortium of investors has acquired Qwic.