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Schwinn Bicycle Co

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BUSINESS
August 7, 1991 | From Times Staff and Wire Reports
Schwinn to Produce Most Bikes Overseas: Schwinn Bicycle Co., a household name in U.S. cycling, will produce nearly all of its bicycles overseas with the closure of its Greenville, Miss., plant. The October closing means the loss of 240 jobs. The privately held company, founded in 1895, now operates just one U.S. plant, in Waterford, Wis. That plant makes its high-end Paramount line, including touring and mountain bikes and special custom models.
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BUSINESS
September 12, 2001 | Reuters
Bicycle and scooter maker Huffy Corp. withdrew from the bidding for the cycling division of bankrupt bicycle maker Schwinn/GT Corp. in the U.S. Bankruptcy Court auction of Schwinn/GT assets. Bids reached a point that exceeded the value of the assets and trademarks, Huffy said. The economic environment doesn't allow for a "significant overpayment" of the assets, the Miamsburg, Ohio-based company said. On Friday, the Bankruptcy Court for the District of Colorado approved a $59.
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BUSINESS
December 28, 1992 | From Times Staff and Wire Reports
Schwinn Bicycle Seeks Buyer: Schwinn Bicycle Co. placed a want-ad in the nation's newspapers Sunday, seeking buyers or investors for all or parts of its business. The 97-year-old maker of bicycles and fitness equipment filed in October for protection from its creditors under Chapter 11 of the federal bankruptcy law. Its interim financing plan was approved by a bankruptcy court last week.
BUSINESS
July 17, 2001 | Bloomberg News
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.
BUSINESS
November 7, 1992 | From Associated Press
Financially troubled Schwinn Bicycle Co. announced Friday that it will lay off 160 employees, half its U.S. work force, between now and February. The company filed for protection from creditors under Chapter 11 of the federal bankruptcy code last month, citing a huge debt and sluggish sales. Schwinn is scheduled to appear in court on Monday, at which time it will ask the judge to approve severance packages for the workers, spokesman Doug Kramer said.
NEWS
October 9, 1992 | DONALD WOUTAT, TIMES STAFF WRITER
Schwinn Bicycle Co., whose Phantom, Sting-Ray, Varsity and other gleaming two-wheelers taught the sensation of freedom to generations of American youngsters, filed Thursday for federal bankruptcy court protection. The venerable Chicago company, founded in 1895, owns just 7% of the U.S. bicycle market compared to 25% during its 1950s heyday. The company said it needs to restructure its heavy debt and might need to seek a merger.
BUSINESS
August 11, 1998 | Times Staff and Wire Reports
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.
BUSINESS
September 12, 2001 | Reuters
Bicycle and scooter maker Huffy Corp. withdrew from the bidding for the cycling division of bankrupt bicycle maker Schwinn/GT Corp. in the U.S. Bankruptcy Court auction of Schwinn/GT assets. Bids reached a point that exceeded the value of the assets and trademarks, Huffy said. The economic environment doesn't allow for a "significant overpayment" of the assets, the Miamsburg, Ohio-based company said. On Friday, the Bankruptcy Court for the District of Colorado approved a $59.
BUSINESS
October 3, 1998 | (Bloomberg News)
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.
BUSINESS
August 11, 1998 | Times Staff and Wire Reports
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.
BUSINESS
January 21, 1993 | From Times Staff and Wire Reports
Scott Sports Buys Bankrupt Schwinn: Schwinn Bicycle Co., the nation's first name in bicycles that toppled into bankruptcy, has been bought by Scott Sports Group, a maker of sports gear. Scott Sports, a unit of the Zell-Chilmark Fund, paid $40.75 million for Schwinn and named Ralph Murray president and chief operating officer of the firm. Zell-Chilmark received bankruptcy court approval to buy substantially all the assets of Schwinn.
BUSINESS
December 28, 1992 | From Times Staff and Wire Reports
Schwinn Bicycle Seeks Buyer: Schwinn Bicycle Co. placed a want-ad in the nation's newspapers Sunday, seeking buyers or investors for all or parts of its business. The 97-year-old maker of bicycles and fitness equipment filed in October for protection from its creditors under Chapter 11 of the federal bankruptcy law. Its interim financing plan was approved by a bankruptcy court last week.
BUSINESS
November 7, 1992 | From Associated Press
Financially troubled Schwinn Bicycle Co. announced Friday that it will lay off 160 employees, half its U.S. work force, between now and February. The company filed for protection from creditors under Chapter 11 of the federal bankruptcy code last month, citing a huge debt and sluggish sales. Schwinn is scheduled to appear in court on Monday, at which time it will ask the judge to approve severance packages for the workers, spokesman Doug Kramer said.
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