Bike Plant in Bedford-Stuyvesant completed a conversion to worker ownership on Jan. 30 after more than a year of transition, and marked the change with a ribbon-cutting ceremony. City and state officials, cooperative development partners, neighbors and long-time customers attended the event. Each full-time mechanic now owns an equal share and has an equal vote on high-level decisions; departing worker-owners must sell shares back and new hires become eligible for ownership after two years. The five full-time mechanics will continue the mutual-aid repair fund that has provided over $50,000 in donated refurbished bikes since 2022. The ICA Group and Brooklyn Legal Services provided pro bono technical and legal assistance under the city's Worker Cooperative Business Development Initiative.
"BEDFORD-STUYVESANT - BIKE PLANT, A NEIGHBORHOOD BIKE SHOP THAT HAS SERVED BEDFORD-STUYVESANT since 2021, on Friday, Jan. 30 marked its transition to worker ownership with a ribbon-cutting ceremony, after a comprehensive conversion process that took more than a year. Attending the ceremony were city Commissioner of Small Business Services Dynishal Gross, state Senator Jabari Brisport, City Councilmember Chi Ossé, cooperative development partners, and many supportive neighbors and long-time customers."
"As a worker cooperative, each full-time mechanic now owns an equal share of the business and is entitled to an equal vote on high-level decisions such as approving budgets, business plans and company policies. Worker-owners who leave the shop are required to sell their share back to the company; new hires can become eligible for co-ownership after two years on the job."
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