BikeBiz Bicycle and cycling retail news
There have been many offers for the assets of Schwinn/GT in the UK but most have been too low for the receiver to countenance.
Receiver Lee Manning told bikebiz.co.uk today that he’s happier to keep the company trading than accept any of the offers made so far.
"Some have been stupidly low," he said.
"Were these people on drugs or something? We don’t accept tongue-in-cheek offers."
It seems likely therefore that the assets – the 73 000 bikes – will be sold off on a piecemeal basis to existing customers, such as Halfords.
"We have enough stock to see us through the summer," said Manning.
He confirmed there has been "no credible offer" for taking on the Schwinn/GT distribution agreement.
Were Schwinn/GT to go into Chapter 11 ‘bankruptcy’ in the States that would enable a buyer to take on the European distribution rights as well as the US company.
"It would make a lot of sense to take on the whole lot," agreed Manning.
