Dorel Buys Ironhorse In Auction
CENTRAL ISLIP, New York (derailedonline.com) - Breaking news on the fallen brand Ironhorse. A judge in New York has agreed that the offer by Dorel to purchase Ironhorse brand, stock, and patents for $5.2M, in cash, was the best solution to the problem for all parties involved. There were several companies - Dicks Sporting Goods, Kent Int., etc. - bidding on the chance to own Ironhose but Dorel was awarded the purchase.
Dorel is the mega conglomerate that owns Pacific Cycles as well as GT, Schwinn, Cannondale, and Mongoose brands. All debts will now fall onto Pacific Cycles for resolution. This includes debts to several manufacturers in Asia, Dave Weage of DW Link suspension, and the CIT group.
This is good news for the thousends of people that own Ironhorse bikes in that there is some chance of continued support for their bikes. In this economy that is very important to consumers as people are holding onto bikes for longer periods of time than in the past.
In depth details of the bidding and auction that took six hours can be found on Bicycle Retailer
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Posted on Jul 15, 2009 08:04:15 -0400 by Brady.