Bike maker files for bankruptcy protection
10/20/2004 10:56 AM
By: Capital News 9 web staff
Bicycle maker Huffy Corporation said it has filed for Chapter 11 bankruptcy protection in the wake of widening losses.
The company lost $7.5 million last year.
President and CEO John Muskovich said he's confident "Huffy will emerge as a stronger and more competitive organization, well-positioned to succeed."
Based in a Dayton, Ohio, suburb, Huffy closed its last two U.S. bicycle plants in 1999 and moved production to Asia and Mexico.
The company suffered losses from a Canadian sports equipment manufacturer it acquired. Huffy said day-to-day operations will continue.
The company expects to pay its employees in the usual manner and has sought permission from the bankruptcy court to pay vendors, suppliers and other business partners during the reorganization.
10/20/2004 10:56 AM
By: Capital News 9 web staff
Bicycle maker Huffy Corporation said it has filed for Chapter 11 bankruptcy protection in the wake of widening losses.
The company lost $7.5 million last year.
President and CEO John Muskovich said he's confident "Huffy will emerge as a stronger and more competitive organization, well-positioned to succeed."
Based in a Dayton, Ohio, suburb, Huffy closed its last two U.S. bicycle plants in 1999 and moved production to Asia and Mexico.
The company suffered losses from a Canadian sports equipment manufacturer it acquired. Huffy said day-to-day operations will continue.
The company expects to pay its employees in the usual manner and has sought permission from the bankruptcy court to pay vendors, suppliers and other business partners during the reorganization.
