Rad Power Bikes files for bankruptcy after battery safety concerns
Rad Power Bikes, the well-known Seattle e-bike company, just filed for bankruptcy.
They're facing $72.8 million in debt—way more than their $32.1 million in assets—and are under pressure after reports of 31 battery-related fires tied to their older bikes.
What's going on?
The US Consumer Product Safety Commission warned that some Rad Power batteries could cause serious harm, especially if exposed to water or dirt.
But the company says they can't afford a recall or refunds right now and plans to sell the business within about two months.
Why does this matter?
Rad Power was a big name in affordable e-bikes, so this is a major shake-up for fans and anyone into green transportation.
Plus, with layoffs already happening and possible shutdowns ahead, it's a reminder of how quickly things can change—even for popular brands.