Brad Abney, owner of Ryders Public Safety, in 2022, when the business moved from Sheridan to Arvada. (BusinessDen file)
Less than two years after doubling its space in a move to Arvada, a police supply shop has filed for bankruptcy.
Ryders Public Safety filed last week for Chapter 11 bankruptcy protection, which allows the business to restructure and keep operating while paying creditors over time.
The retailer owes nearly $1 million to 22 creditors, according to court filings. The company listed $162,117 in assets. Owner Brad Abney signed the filings. He declined to comment.
Ryders Public Safety reported $670,453 in revenue last year, nearly identical to $671,553 in 2022. Its revenue through Feb. 16 this year was just shy of $19,000, according to the filings.
The business listed its largest creditor as the U.S. Small Business Administration, owed $404,000 in connection with a COVID-19 Economic Injury Disaster Loan.
Court records show that the business’ landlord, Fairlanes Shopping Center LLC, has a pending lawsuit against Ryders over rent for its space at 6520 Wadsworth Bypass. According to the bankruptcy documents, Ryders made a rent payment of $15,259 in December but still owes Fairlanes $44,678.
In addition to its landlord, Ryders owes its contractor M&C Consultants $47,469 for building out its 5,700-square-foot Arvada store, which it opened in October 2022.
Owner Brad Abney’s wife, Gail Abney, is also owed $105,000 for a business loan.
The majority of the company’s assets are its inventory, which includes items such as firearms, uniforms, body armor and accessories, such as handcuffs.
Abney, a retired Jefferson County deputy sheriff, started the supply store 12 years ago with his aunt and uncle. The Denver native is now the sole owner. He bought his family members out of the business in 2019 when they decided to retire.
Abney moved Ryders Public Safety to Arvada after running out of space in its original Sheridan location. He told BusinessDen in 2022 that 80 percent of the store’s business came from government sales, and that Ryders had contracts with local agencies such as the Denver Fire Department and Lakewood Police Department.
Jeffrey A. Weinman with Allen Vellone Wolf Helfrich & Factor P.C. is representing the company in bankruptcy proceedings.
Brad Abney, owner of Ryders Public Safety, in 2022, when the business moved from Sheridan to Arvada. (BusinessDen file)
Less than two years after doubling its space in a move to Arvada, a police supply shop has filed for bankruptcy.
Ryders Public Safety filed last week for Chapter 11 bankruptcy protection, which allows the business to restructure and keep operating while paying creditors over time.
The retailer owes nearly $1 million to 22 creditors, according to court filings. The company listed $162,117 in assets. Owner Brad Abney signed the filings. He declined to comment.
Ryders Public Safety reported $670,453 in revenue last year, nearly identical to $671,553 in 2022. Its revenue through Feb. 16 this year was just shy of $19,000, according to the filings.
The business listed its largest creditor as the U.S. Small Business Administration, owed $404,000 in connection with a COVID-19 Economic Injury Disaster Loan.
Court records show that the business’ landlord, Fairlanes Shopping Center LLC, has a pending lawsuit against Ryders over rent for its space at 6520 Wadsworth Bypass. According to the bankruptcy documents, Ryders made a rent payment of $15,259 in December but still owes Fairlanes $44,678.
In addition to its landlord, Ryders owes its contractor M&C Consultants $47,469 for building out its 5,700-square-foot Arvada store, which it opened in October 2022.
Owner Brad Abney’s wife, Gail Abney, is also owed $105,000 for a business loan.
The majority of the company’s assets are its inventory, which includes items such as firearms, uniforms, body armor and accessories, such as handcuffs.
Abney, a retired Jefferson County deputy sheriff, started the supply store 12 years ago with his aunt and uncle. The Denver native is now the sole owner. He bought his family members out of the business in 2019 when they decided to retire.
Abney moved Ryders Public Safety to Arvada after running out of space in its original Sheridan location. He told BusinessDen in 2022 that 80 percent of the store’s business came from government sales, and that Ryders had contracts with local agencies such as the Denver Fire Department and Lakewood Police Department.
Jeffrey A. Weinman with Allen Vellone Wolf Helfrich & Factor P.C. is representing the company in bankruptcy proceedings.
