COLUMBUS, Ohio (BRAIN) — Roll: Bicycle Company filed for Chapter 11 bankruptcy protection on Thursday. Roll has three retail stores and its own bike brand that it sells wholesale and to consumers.
In a filing with the U.S. Bankruptcy Court for Southern Ohio, Roll listed total assets of $1.7 million, including $480,000 in inventory. Liabilities are $2.1 million.
A line of credit with Fifth Third bank was listed at $488,000. Also listed were shareholder loans totaling $350,000. The initial unsecured creditors list includes shareholder loans and $5,300 owed to Quality Bicycle Products.
A filing on the company's recent performance shows that from January through July this year, Roll reported total income of $376,000. With a cost of goods at $221,000, the company recorded a gross profit of $155,000. Total expenses for the period were listed at $197,000 for a net operating loss of $42,000.
Roll, which has a retail network and also ships to consumers, provides color and spec' options on some of its own bike models. It also has four retail stores in Ohio that carry Giant, Cannondale, Santa Cruz, and other brands.
