Saturday, March 22, 2014

Citi Bike, Needing Millions of Dollars, Looks for Help - WSJ.com

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Citi Bike, Needing Millions of Dollars, Looks for Help - WSJ.com
By LAURA KUSISTO, ELIOT BROWN and ANDREW TANGEL
March 20, 2014 10:08 p.m. ET

(Excerpt)
Leaders of Citi Bike are moving quickly to raise tens of millions of dollars to rescue the popular bike-share program as it loses money, according to people familiar with the matter.

Leaders of New York's Citi Bike are moving quickly to raise tens of millions of dollars to rescue the popular bike-share program as it loses money. Andrew Tangel reports on the News Hub.

Citi Bike's bright blue bicycles have become a seemingly indispensable part of some city neighborhoods, but its managers don't believe it can survive if it doesn't become more appealing to tourists and expand to new neighborhoods, the people familiar with the matter said.

The program's leaders have approached officials in Mayor Bill de Blasio's administration about raising Citi Bike's rates, the people said.