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Sink or Schwinn?

GT Bicycles, Schwinn Bikes and Schwinn Fitness US are up for sale. US based investment group Questor are, according to US trade insiders Bicycle Retailer, being offered either as a group or as separate units. Questor bought Schwinn in ’97, and a reportedly ‘almost bankrupt’ GT in ’98 to form Schwinn/GT as we know it.
At that time things looked good, two of the biggest brands in the world merging; they gobbled up European GT distributors including the UK’s own Caratti Sports. It couldn’t go wrong, could it?
Things didn’t exactly go schwimmingly though for Schwinn/GT Europe who lost a number of key accounts, were unable to pay the suppliers and eventually went into receivership in March this year. Currently the European company is still running, albeit on a skeleton staff, and up for sale but the price doesn’t seem to be right…
Speaking on the BikeBiz website receiver Lee Manning, in charge of handling the Schwinn/GT Europe sale, said 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.”
We know who you are lads. Drugs? No. Beer and curry? More likely. I guess you had to give it a go, eh? There is a school of thought that says you should make an offer for the US company to get Steve Peat on one of your bikes if nothing else.

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