A popular Vancouver bike shop has been closed for weeks and it turns out it owes millions to lenders.
The Vancouver bike shop we’re referring to is La Bicicletta Bicycles, located at 233 West Broadway between Alberta and Columbia streets.
According to a release from FTI Consulting, Bicicletta has filed for bankruptcy and now owes over 80 creditors a total of nearly $6.4 million.
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Bicicletta was founded in 1984 and began as an import road cycling store in Kitsilano.
Bicicletta’s website is still up and running and according to an Instagram post about the physical location’s closure, you can still make orders online.
“After three decades on West Broadway, we’ve closed the doors at 233 West Broadway to focus our efforts on getting our exciting new space ready to launch,” Bicicletta stated on Instagram.
It also offers next-day delivery to local clientele and shipping orders Canada-wide.
Some users on Instagram claimed that their online purchases needed to be picked up at the closed Broadway store, but they were informed that the support team would make other arrangements for clients.
The creditors include other bike shops, organizations like WorkSafe BC and the Canadian Revenue Agency, and individual people.
Creditors with the highest claim amounts include the Royal Bank of Canada, which claims $1,791,933.99, and the Business Development Bank of Canada, which claims $1,820,760. It also owes over $62,000 in gift cards.
We’ve reached out to FTI Consulting for more information. We’ve also reached out to Bicicletta but have not yet heard back.
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