iGo Electric, based in Montréal, has been impacted by the cycling industry’s downturn in sales following the boom during the pandemic. The company owes over $19.5 million to secured creditors and over $2 million to unsecured creditors, according to court documents.

Founded in 2006 and owned by Fermetco Inc., iGo Electric began by selling e-fat bikes and expanded into urban e-bikes across Canada before entering the US market. Along the way, they introduced their Quest line of e-bikes, initially sold through the London Drugs chain and later through Costco.

In mid-November, the Royal Bank filed a motion in the Superior Court of Quebec to appoint Ernst & Young Inc. as receiver.