admin
Staff member
We’ve got hard evidence that the popular motorcycle parts superstore known as BikeBandit is no longer with us, leaving behind a bankruptcy filing (dated back to February of this year), around $19 million in liabilities, and a rather long list of unfulfilled orders from clients.
Let’s get into it.
BikeBandit’s Facebook platform shows the latest post to be released to their page on September 21st, 2021 – around the time where Jalopnik tells us that the Better Business Beureau website noticed a halt in general activity from the brand.
Bankruptcy proofs from BikeBandit, courtesy of Jalopnik.
A handful of months later, and BikeBandit – owned by Vey’s Bandit LLC – has quietly filed for bankruptcy (the complete bankruptcy filing can be found here), with the financial state of things described by Jalopnik as thus:
“At the time of the bankruptcy filing, BikeBandit claimed to have $705,300 in assets – just $632 of which was in the company’s bank account – and over $19 million in liabilities.”
“The company claimed to have $3.1 million worth of inventory, though elsewhere in the filing, the company anticipates the liquidation value of the inventory at a mere $400,000, a surprisingly low number even given the circumstances.”
BikeBandit’s warehouse space, showing that the company has moved out. Photo courtesy of Jalopnik.
The plummet from 2015’s annual revenue of $35 million to 2022’s $19 million debt leaves behind an unavoidable question: What happened?
Some think that taxes have something to do with it; in one report was written that the brand ‘owed taxes in 36 states for sales completed in 2021,’ with more than one state showing over $40,000 in taxes to be paid.
Debts owed to California’s Franchise Tax Board and the San Diego County Treasurer have also been estimated around the $533,504 mark for last year – a hefty number, and one that may potentially take a hot minute to wipe off the records.
BikeBandit’s logo in front of mountains and a KTM motorcycle. Photo courtesy of BikeBandit’s Facebook page.
Something to remember: The pandemic has done a real number on some amazing companies out there, with many brands continuing to struggle through the recovery phase as countries adjust to life post-COVID. As a member of the motorcycling community, we remember the great service and presence BikeBandit has provided to our industry, and wish them all the best on this next chapter.
Be sure to check back for other updates on the best of the latest here at wBW, and as ever – stay safe on the twisties.
The post BikeBandit Files for Bankruptcy appeared first on webBikeWorld.
Continue reading...
Let’s get into it.
BikeBandit’s Facebook platform shows the latest post to be released to their page on September 21st, 2021 – around the time where Jalopnik tells us that the Better Business Beureau website noticed a halt in general activity from the brand.
Bankruptcy proofs from BikeBandit, courtesy of Jalopnik.A handful of months later, and BikeBandit – owned by Vey’s Bandit LLC – has quietly filed for bankruptcy (the complete bankruptcy filing can be found here), with the financial state of things described by Jalopnik as thus:
“At the time of the bankruptcy filing, BikeBandit claimed to have $705,300 in assets – just $632 of which was in the company’s bank account – and over $19 million in liabilities.”
“The company claimed to have $3.1 million worth of inventory, though elsewhere in the filing, the company anticipates the liquidation value of the inventory at a mere $400,000, a surprisingly low number even given the circumstances.”
BikeBandit’s warehouse space, showing that the company has moved out. Photo courtesy of Jalopnik.The plummet from 2015’s annual revenue of $35 million to 2022’s $19 million debt leaves behind an unavoidable question: What happened?
Some think that taxes have something to do with it; in one report was written that the brand ‘owed taxes in 36 states for sales completed in 2021,’ with more than one state showing over $40,000 in taxes to be paid.
Debts owed to California’s Franchise Tax Board and the San Diego County Treasurer have also been estimated around the $533,504 mark for last year – a hefty number, and one that may potentially take a hot minute to wipe off the records.
BikeBandit’s logo in front of mountains and a KTM motorcycle. Photo courtesy of BikeBandit’s Facebook page.Something to remember: The pandemic has done a real number on some amazing companies out there, with many brands continuing to struggle through the recovery phase as countries adjust to life post-COVID. As a member of the motorcycling community, we remember the great service and presence BikeBandit has provided to our industry, and wish them all the best on this next chapter.
Note to the reader: No word has yet been made on possible action for the clients that are still waiting for purchases, refunds or exchanges through BikeBandit. If you are one of those clients, CraftIndustryAlliance has some advice (updated as of March 2019):
“If a bankrupt company owes you money, your only recourse is to participate in the bankruptcy claims process. You do this by filing a proof of claim form with the bankruptcy court, stating the basis for your claim, how much is owed, and other relevant information.”
Be sure to check back for other updates on the best of the latest here at wBW, and as ever – stay safe on the twisties.
*Media sourced from Email Tuna, Bike Bandit’s Facebook, and Jalopnik*
The post BikeBandit Files for Bankruptcy appeared first on webBikeWorld.
Continue reading...
