Middletown, R.I.-based Vectrix (AIM:VRX) is preparing to file for bankruptcy after disappointing sales of its high-performance electric motorcycles.
The startup said it has laid off all but essential staff as it pursues options, including sale of the company and financing, according to a release to investors last week. If unsuccessful at those efforts, the company plans to file for bankruptcy within three weeks.
The release from Vectrix blames the credit crunch and lack of consumer spending on bigger ticket retail purchases.
"The company has made every effort to reduce costs and conserve cash, but market conditions continue to be difficult and the results of sales have been very disappointing," the release said.
http://www.cleantech.com/news/4730/vectrix-closes-shop-electric-motorcIf there's one company we ought to be bailing out it these guys.