SEATTLE (BRAIN) — Rad Power Bikes is closing two of its RadRetail company stores today — in St. Petersburg, Florida, and Vancouver, British Columbia — as its bankruptcy proceedings continue.
Seven company stores remain: Seattle; Berkeley, California; Huntington Beach, California; Santa Barbara, California, San Diego; Denver; and Salt Lake City.
Last month, Rad Power filed for Chapter 11 bankruptcy protection in advance of completing a sale of the company. A Rad Power spokesperson told BRAIN Friday there are no updates on the proceedings.
Less than a month before the filing, Rad Power said it could not afford a recall on some of its older lithium-ion batteries that the Consumer Product Safety Commission deemed unsafe. The CPSC issued the warning because it said the lithium-ion battery on some older models can unexpectedly ignite and explode, especially when the battery or harness has been exposed to water and debris.
Rad Power confirmed after the filing that Chief Financial Officer Angelina "Angy" Smith was elevated to CEO after joining the company in April. It marked the brand's fourth CEO in the past three years, following founder Mike Radenbaugh (2007-2022), Phil Molyneaux (2022-25), and Kathi Lentzsch, who was hired in March.
