| 09/11/2001 | Pacific Cycle Wins Bid for Schwinn/GTPacific Cycle today was declared the winner of the bidding for Schwinn/GT. The Federal Bankruptcy Court for the District of Colorado was the location for the auction. The two bidders were Huffy and Pacific. Pacific's $86 million for the bankrupt company was more than Huffy wanted to pay and they were awarded the company. Direct Focus a fitness company had partnered with Pacific to buy the entire company. Direct Focus is interested in the Schwinn Fitness.
Shortly after the announcement was made the federal courthouse was evacuated because of the terrorist attacks in Washington and New York.
"This is a landmark day for Pacific and for Schwinn/GT dealers," said Chris Hornung, Pacific Cycle's chief executive officer. "The Schwinn name is an American icon. It is the brand that many Americans grew up with and aspired to own. We feel that we offer the best opportunity in a generation to restore vitality to the Schwinn brand." www.schwinn.com
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