REPORT: Vectrix ready to file for bankruptcy

According to the Providence Journal, electric scooter maker Vectrix has laid off nearly all of its employees and is likely headed for bankruptcy within the next 30 days if new investors or a buyer isn't found in time. A quick visit to the company's home page brings up nothing. The reasons given for the trouble by Michael J. Boyle, president of Vectrix, are exactly as you'd expect:

When the financial markets totally dried up as soon as the financial crisis hit in October and November, we couldn't continue our dealer development program... Consumer financing dried up completely. These are expensive consumer goods, and without financing it's difficult for the typical consumer to buy one.

Those same tough financial markets also mean it will be an uphill battle for Vectrix to secure any kind of future funding, especially since the company never turned a profit and couldn't realistically expect to do so any time soon. In any case, it's a sad ending for the company that at one time seemed to have so much potential.

UPDATE: It's official (PDF). Thanks to Mike H. for the tip!

[Source: Providence Journal]