Bixi Toronto is having major financial problems
Despite attracting thousands of subscribers, Bixi Toronto is still having trouble covering its operating costs two years in. The bike sharing program has only paid back $600,000 of its $4.5 million start-up loan and, since the city guaranteed that loan, city staff are recommending council restructure its relationship with Bixi. (Complicating matters, the Montreal-based company that owns Bixi is reportedly looking to sell off its franchises, including the Toronto one.) Bixi’s balance sheet problems probably won’t spell an imminent end to the heavy black bikes, though: several councillors, Karen Stintz and Mike Layton among them, have already reiterated their support for the idea of bike-sharing. They also repeated the oft-heard call for more bikes and more docking stations as a path to self-sufficiency—though Montreal has 411 stations to Toronto’s 80 and still racks up a $7-million deficit each year. [Torontoist]
3 thoughts on “Bixi Toronto is having major financial problems”
what the hell did they do with $4.5 million?
I know big salaries to VPs, Directors and managers. Now they are left with nada
I hope they don’t ditch them. I think they are great
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