UPDATE: Good News! BionX has been bought out
of receivership and is back in business!
On February 27th the Canadian hub motor manufacturer BionX filed bankruptcy. In taking this action they did not say anything to their dealers. The overall picture is looking pretty bleak. It is possible that they are attempting to “reorganize” and salvage their business. However, with the problems they have my guess is that this is unlikely. I reckon we will just have to wait and see what happens.
Because BionX chose to design and manufacture their system proprietary and charge way too much for it … especially the replacement batteries … they cooked their own goose. I would think that the only way they could possibly save themselves now would involve changing all this so that they are competitive in the marketplace and attractive to customers. That would be a huge undertaking.
I read that some dealers who are trying to sell BionX items they have in stock at discounted pricing in an attempt to get rid of them before they get stuck with them. It is my understanding that BionX is not selling anything from their website. They probably are not allowed to under the bankruptcy laws. Mind you I know nothing about bankruptcy laws and procedures.
This does not look good for those who have a BionX hub motor system as it is likely that they will not be able to obtain any repair parts or batteries. They will be stuck with a system that is dead in the water leaving them dead alongside of the road or trail. I am so thankful now that I returned my BionX system for a refund. I have a couple of friends who have BionX installed on their trikes. I feel for them if all this comes to pass.
I have more less painted a gloomy picture for BionX and BionX customers … BUT … hey, who knows … they may pull out of this and survive. I am sure lots of folks would be happy if that happens. The truth is I don’t know what all is going on so anything I am saying here is pure speculation and may turn out altogether different than it is appearing at this time.
Below are some links to websites where you can read about this.
And HERE is the official announcement:
“On February 27, 2018, Grant Thornton Limited was appointed as receiver and manager (in such capacities, the “Receiver”) of the assets, undertakings, and property of Bionx Canada Inc.”
For what it is worth I would like to see BionX stick around as they have a nice product. They do need to do away with the proprietary approach to business however and lower some of their pricing … especially on the replacement batteries.