LOVELAND — Rocky Mountain Cyclery Inc., a Loveland bike shop that closed its doors in December 2018, has filed for Chapter 7 bankruptcy.
The company, previously located at 504 N. Garfield Ave. in Loveland, said in its filing that it has assets of less than $50,000 and unsecured debts of $481,514. Attorney Ross Wabeke of Loveland is the attorney for the company.
Assets include a small bank account, bike parts, tools, a few new and used bicycles and store furnishings.
Debts include unpaid payroll taxes of $15,000; a business loan with Kabbage Inc for $52,086; a loan from Michael Riggs of Windsor for $85,630; a debt to Scott USA Inc. of Ogden, Utah, of $239,660 for bicycles; another to FSA of Mukilteo, Washington, for $22,804, also for bicycles; and various other debts for smaller amounts.
Sarah Turner is president of Rocky Mountain Cyclery and since the January 2017 death of her husband, owns 100 percent of the stock.
The company had gross revenue of $214,197 in 2017 and $127,888 in 2018.
“For all intents and purposes, the business died with the passing of its founder,” attorney Wabeke told BizWest. “This is closure for Sarah.”