Dutch FietsFabriek Wants to Re-Start after Bankruptcy

AMSTERDAM, the Netherlands - The Amsterdam ‘FietsFabriek’ (Bike Factory), the company which is said to have started the current ‘transport’ trend in bikes in the Netherlands, was declared bankrupt last week. As the company was burdened with huge debts, owners Yalcin Chihangir and Dave Deutsch applied for insolvency.   

According to receiver De Vos & Partners, the FietsFabriek debts amounted over one million euro (according to insiders; 1.2 million) on yearly revenues of 3 million euro. The company has sixty employees as well as 'a large number of creditors'.

“Our first priority is a new start”, said a spokesman of receiver De Vos & Partners, “the settlement of the bankruptcy will follow.” There are currently talks with ‘some candidates’ to take over the company. “It is important to re-start as soon as possible. The likelihood of this is real.”

For the nine franchisees in the Netherlands (IBDs who have their stores named ‘FietsFabriek’) the news came as a complete surprise. Next to these outlets the company also had stores/dealers in Berlin, Chicago, Copenhagen, Seattle, Tokyo and Toronto.

Yalcin Chihangir and Dave Deutsch started ‘De Fietfabriek’ in Amsterdam in 2003. In 2008 the two entrepreneurs opened a factory in Turkey where 200 carrier cycles per month were made, providing employment for 30 people. Chihangir and Deutsch created a big trend in Holland; even the Dutch Royal Prince regularly rides a carrier cycle with his two daughters in the front cargo bin.