E-scooter company Bird has filed for bankruptcy. The Florida-based business said it commenced a voluntary Chapter 11 bankruptcy proceeding earlier this week, following a turbulent few years.

Bird said it will operate as usual during this process, maintaining the same service for its riders and upholding its commitments to partner cities, fleet managers, and employees. Bird Canada and Bird Europe are not part of the filing, and will continue to operate as normal.

Despite attracting hundreds of millions in investment over the previous five years, it was reported in November 2022 that Bird could face bankruptcy within 12 months. At the time, the firm revealed that it had overstated its sales over the previous two and a half years by an estimated $31.6m.

Bird now says it will sell its assets, and has entered into a ‘stalking horse’ agreement with its existing lenders, which effectively sets a floor for its value. Bird expects to complete the sale process in the next 90-120 days.

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Bird was founded in 2017 and has since introduced a number of innovations such as automatic speed restrictions near schools and measures to discourage drunk riding. It is North America’s largest micromobility operator by market share, after acquiring Spin from Tier Mobility earlier this year. Bird and Spin's mobility offerings are available in 350 cities across Canada, the US, Europe, the Middle East, and Australia.

Bird interim CEO Michael Washinushi said: “This announcement represents a significant milestone in Bird's transformation, which began with the appointment of new leadership early this year.

“We are making progress toward profitability and aim to accelerate that progress by right-sizing our capital structure through this restructuring. We remain focused on our mission to make cities more livable by using micromobility to reduce car usage, traffic, and carbon emissions.”