Electric-vehicle company Bird Global Inc.
BRDS
on Wednesday filed for chapter 11 bankruptcy with an agreement to sell some of its assets to its existing lenders. The six-year-old firm, which went public in late 2021 but was delisted from the New York Stock Exchange after its share price plummeted, said in a press release it will continue operations in an effort to reach “long-term, sustainable growth.” BIrd’s descent comes after European scooter company Tier laid off 22% of its workforce in November. In recent months, Berlin-based e-scooter startup unu, Swedish electric-truck maker Volta Trucks, and Dutch e-bike maker VanMoof all declared bankruptcy.