Gt Bicycles

Upscale bicycle manufacturer GT Bicycles Inc. is moving its headquarters this summer to a much larger facility in Santa Ana. The company has signed a 10-year lease for a 360,000-square-foot building on Dyer Road that housed garment maker Clothes Connection, which moved out more than five months ago after shifting its production to a factory in Tijuana. GT will lease its existing quarters to Tustin-based Harbor Distributing, a Miller Brewing Co.

Huffy Corp., a maker of bicycles and scooters, agreed to buy Schwinn/GT Corp.'s cycling division for more than $60 million, and Schwinn/GT is seeking bankruptcy protection to complete the sale. Schwinn/GT, owned by private equity firm Questor Partners Fund, said it will fire all of the cycling division's 300 employees in anticipation of the sale. Boulder, Colo.-based Schwinn/GT sells bicycles under the Schwinn and GT brands.

GT Bicycles Inc. received a waiver to a credit pact from its banker, and entered preliminary agreements to extend its revolving credit facilities and term loan with the bank. GT Bicycles said the waiver released it from the bank's requirement that it provide evidence of new financing by Saturday. The company, which makes mountain and juvenile bicycles, said it should get commitments on the new financings within the next few weeks.

GT Bicycles Inc. said Thursday it will close its fabrication and assembly operations in Santa Ana by the end of June, resulting in about 100 layoffs. Santa Ana-based GT said the company's domestic manufacturing volume was not large enough to support operations at the 360,000-square-foot facility at 2001 E. Dyer Road.

GT Bicycles Inc. said it has signed a three-year lease agreement for a satellite distribution facility in Jacksonville, Fla. The 40,000-square-foot facility, scheduled to begin operations July 1, will support the the company's Riteway South Central distribution center based in St. Louis. GT Bicycles sells a broad range of leading brand parts and accessories and its own GT bicycles through four Riteway distribution centers throughout the U.S.

GT Bicycles Inc., the Santa Ana-based designer and manufacturer of bicycles, reported net income for the first quarter of $83,000, or 1 cent a share. That compares with net income of $816,000, or 8 cents a share, for the 1997 first quarter, which included one-time relocation expenses. Sales were flat at $51.2 million.

GT Bicycles Inc. said Monday it expects net income to slump for the third quarter because of manufacturing difficulties, delays caused by the company's relocation and lower demand for parts and accessories. The company said it will earn $600,000 to $800,000, or 6 to 8 cents a share, for the three months, compared to $3.6 million, or 37 cents a share, a year ago. Sales should increase to $56.2 million from $52.4 million, the company said.

GT Bicycles Inc. said Tuesday that its shareholders have approved the company's acquisition by the makers of Schwinn bicycles, a $79-million deal that creates one of the world's largest bicycle manufacturers. Santa Ana-based GT is being purchased by Schwinn Holdings Corp., a division of Questor Partners Fund LP. The transaction should close today. Schwinn is buying all 9.9 million shares of GT's stock for $8 a share. Questor has commitments to finance the acquisition.

GT Bicycles Inc. said Wednesday that it has begun producing a half-hour television show on bicycling for the Fox Sports Network. "Crank," which airs nationally on Mondays at 5 p.m., covers BMX and freestyle cycling and riders. "We believe this is an ideal way to foster . . . enthusiasm for this type of riding and to reinforce GT's leadership position in these categories," said Michael Haynes, GT's chief executive.

GT Bicycles Inc. said Monday that its proposed acquisition by the makers of Schwinn bicycles has cleared antitrust hurdles. The $78.6-million transaction, which would create one of the world's largest bicycle manufacturers, is expected to be completed later this quarter, pending shareholder approval and a review of proxy materials by the Securities and Exchange Commission. Santa Ana-based GT would by acquired by Schwinn Holdings Corp., a unit of Questor Partners Fund LP.

The makers of Schwinn bicycles said Friday they have completed their acquisition of Santa Ana-based GT Bicycles Inc. for about $170 million, creating one of the largest U.S. makers of bicycles sold through independent dealers. Schwinn Holdings Corp., a unit of Questor Partners Fund LP, is paying $8 a share, or about $80 million in cash, a 68% premium on GT's closing price of $4.75 on June 19, before the acquisition was announced.

GT Bicycles Inc. said Tuesday that its shareholders have approved the company's acquisition by the makers of Schwinn bicycles, a $79-million deal that creates one of the world's largest bicycle manufacturers. Santa Ana-based GT is being purchased by Schwinn Holdings Corp., a division of Questor Partners Fund LP. The transaction should close today. Schwinn is buying all 9.9 million shares of GT's stock for $8 a share. Questor has commitments to finance the acquisition.

GT Bicycles Inc. said Monday that its proposed acquisition by the makers of Schwinn bicycles has cleared antitrust hurdles. The $78.6-million transaction, which would create one of the world's largest bicycle manufacturers, is expected to be completed later this quarter, pending shareholder approval and a review of proxy materials by the Securities and Exchange Commission. Santa Ana-based GT would by acquired by Schwinn Holdings Corp., a unit of Questor Partners Fund LP.

GT Bicycles Inc. of Santa Ana said Monday it has agreed to be purchased by the makers of Schwinn bicycles for $80 million, a deal that would create one of the world's largest bicycle companies. GT's purchase by Schwinn Holdings Corp., a unit of privately held Questor Partners Fund, would form a company with $400 million in annual sales and marks the latest round of consolidation in the hotly competitive business.

GT Bicycles Inc. of Santa Ana said Monday that it has agreed to be acquired by the makers of Schwinn bicycles for $78.6 million in a deal that will create one of the world's largest bicycle manufacturers. GT's purchase by Schwinn Holdings Corp., a unit of Questor Partners Fund LP, forms a company with $400 million in annual sales and marks the latest round of consolidation in the hotly competitive cycling industry.

GT Bicycles Inc., the Santa Ana-based designer and manufacturer of bicycles, reported net income for the first quarter of $83,000, or 1 cent a share. That compares with net income of $816,000, or 8 cents a share, for the 1997 first quarter, which included one-time relocation expenses. Sales were flat at $51.2 million.

GT Bicycles Inc. said it has agreed to form a joint venture with Marr's Leisure Holdings Inc. to distribute GT bicycles, parts and accessories in Canada. GT said it expects the joint venture, Riteway Products Canada, to increase its market penetration by lowering the price of GT bicycles in Canada. A unit of Marr's Leisure, Paulmar Cycles, had been GT's Canada distributor. GT Bicycles makes and markets mountain and juvenile BMX bicycles as well as parts and accessories.

GT Bicycles Inc. acquired one of its distributors, Caratti Sports Ltd. in Bristol, England, for an undisclosed amount of cash. GT said Caratti Sports serves independent bicycle dealers throughout Britain, and has sold GT brand bicycles since 1990. GT said it will retain the current Caratti management. GT Bicycles designs, manufactures and markets mid- to premium-priced mountain and juvenile BMX bicycles, parts and accessories.

GT Bicycles Inc. said Wednesday that it has begun producing a half-hour television show on bicycling for the Fox Sports Network. "Crank," which airs nationally on Mondays at 5 p.m., covers BMX and freestyle cycling and riders. "We believe this is an ideal way to foster . . . enthusiasm for this type of riding and to reinforce GT's leadership position in these categories," said Michael Haynes, GT's chief executive.

GT Bicycles Inc. said Thursday that it is recalling about 10,000 Speed Series, Robinson Pro and Amtrac bicycles and frame sets made and sold over the past four years. The company said it learned of 17 reported cracks in frames, resulting in two injuries, when the BMX bikes were used for rigorous jumps and the related stresses of "more aggressive" riding. The bicycles and frames were sold between November 1994 and last month for $300 to $450 for frame kits and $600 and $1,450 for bicycles.