Friday, October 15, 2021

Denver Bike Shop Foundation Cycle Closed, Chapter 7 Bankruptcy File

Despite an increase in demand for bikes as a result of epidemic cabin fever, a local bike shop has closed and subsequently filed for bankruptcy.

The Foundation Bicycle, which opened at 2140 S. Delaware St. at the beginning of Evans Station Loft in 2019, filed for Sept. 7 Chapter 7 bankruptcy.

Chapter 7 Bankruptcy is usually a liquidation process, where a trustee is appointed to oversee the sale of the trustee’s assets.

The store said it owed পা 281,139 to 17 creditors, some of which secured claims. It has assets of $ 42,164.

Owner Christopher Clark has signed the filing on behalf of the business. He did not respond to a request for comment.

In its filing, Foundation Cycle said its revenue was .6 1.68 million in 2019 and .4 1.47 million in 2020.

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