Bike Plant reopens as worker cooperative, will maintain social mission commitment

"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."

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.

Read at Brooklyn Eagle