Denver Foundation Cycles bike store closes, files for Chapter 7 bankruptcy – The Denver Post

Despite the growing demand for bicycles due to the pandemic cabin fever, a local bicycle shop closed and subsequently filed for bankruptcy.

Foundation Cycles, which opened at 2140 S. Delaware St. at the base of Evans Station Lofts in 2019, filed for Chapter 7 bankruptcy on September 7.

Chapter 7 bankruptcies are generally a liquidation process, where a trustee is appointed to oversee a sale of the debtor’s assets.

The store said it owed 17 creditors $ 281,139, some of whom have secured debts, the documents show. He has assets worth $ 42,164.

Owner Christopher Clark signed the documents on behalf of the company. He did not respond to a request for comment.

In its filing, Foundation Cycles said it had revenue of $ 1.68 million in 2019 and $ 1.47 million in 2020. As of the September 7 filing date, revenue from the company in 2021 was $ 20,577.

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