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Today's Lead: Citi Bike Needs Millions To Survive

by Mike Muller, Mar 21, 2014
 

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The popular Citi Bike program is facing serious financial and operational troubles, and officials are looking for ways to raise tens of millions of dollars to save it. Those running the program are hoping the de Blasio Administration will allow them to raise rates. One reson for the revenue shortfall is that more 24-hour rentals were expected, as opposed to the less profitable yearly memberships. Damages from Superstorm Sandy and software glitches created other problems. But advocates blame Alta Bicycle Share, the company operating Citi Bike, for failing to improve the program, resolve problems, and find new sponsors beyond Citigroup.

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