I got a similar email Saturday morning, but then was phoned by ArrowXL later in the day to say that my bike was on the way back to CRC - the person on the end of the call did sound pretty professional and sincere, so I do believe them. It sounded like this person was verifying everything for delivery ahead of time. I would be pretty optimistic if you have it scheduled in still.
Today I contacted CRC again to ask if they had received back the bike - got the usual "we have resolved the issue with ArrowXL and your bike will be delivered, ArrowXL will contact you in the next 24hrs blah blah blah"
At somepoint I will just contact my credit-card company...I believe for chargeback we have 120 days notice, but there's also section 75...so feel like I can wait a bit longer. I'm just making sure I collect all the converstions / status updates as the credit-card company will ask for them.