Bicycle Manufacturer Minerva Bankrupt

PAAL-BERINGEN, Belgium - Bicycle manufacturer Minerva was declared bankrupt on June 25, 2015 by the Commercial Court in Limburg (Belgium). CEO Peter Bruggeman filed for bankruptcy. The cause is an accumulation of setbacks after high investments in new premises in 2013. 16 people were employed by Minerva.
Bankruptcy Minerva: Late deliveries along with expansion of HQ and warehouse equals downward spiral.