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GRAND RAPIDS, (WZZM) - Organizers of a new 5K run in Grand Rapids are refusing to issue refunds after canceling the event. Instead of a refund, racers are being offered free registration to other races in the future, but with no additional information.

Many runners, including Peggy Preston of Kentwood, have been preparing for the 5K Foam Fest Race since March.

"I'm really disappointed that we don't have a point of contact and we can't get a refund." Preston was contacted by the organization Thursday. "Got the email that had a big orange box that said sorry, we went bankrupt." Several more complaints were sent to WZZM about the same email. All participants tell us they are out $70-90. "They should've given us a warning."

Instead of issuing a refund, free registration is being offered to four upcoming local races.

Preston says, she should chose where her money goes. "I don't like the other races that were offered." Now she is working with other frustrated runners to find a solution. "I would really just like to get a refund for me, my teammates, and anybody else."

Foam Fest is canceling all scheduled runs in the United States.

WZZM is working to track down organizers for questioning.

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