| 04/06/2001 | Schwinn/GT USA is for saleThe Questor Partners Fund, the investor group that is the parent company of Schwinn/GT’, announced that they will be selling the GT Bicycle, Schwinn Bicycle and Schwinn Fitness divisions. They are looking to sell the company as separate divisions or altogether.
It has been reported by the bicycle trade magazine ‘Bicycle Retailer’ that Jeff Sinclair, Schwinn’s chief executive officer, said he expects the sale to be completed within four or five months.
The last 10 years have been very rocky for these divisions. In 1992 Schwinn filed for bankruptcy. The Zell Chilmark Fund and Scott Sports Group bought it following this for $50 million. Questor bought Schwinn in 1997 and added the close to bankrupt GT Bicycles in 1998.
According to bikebiz.co.uk there are ongoing discussions with several potential buyers including Huffy and Merida of Taiwan, which is owed tens of millions of dollars by Schwinn/GT.
The Schwinn and GT brand names have been staples in the bicycle industry for many years. We hope the new owners will carry on these names and restore some of the prestige that they once had.www.questorfund.com/
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