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Huffy is 'poster child' on 'how to run a company into the ground', says shareholder - BikeBiz

Huffy is 'poster child' on 'how to run a company into the ground', says shareholder

Huffy of the US - known for its cheap-as-chips bikes sold via mass outlets - has been trimmed back to its core bicycle business after a failed diversification into general sports products. But will the company survive as bike-only, or survive at all?
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These are the questions asked by an article on Microsoft Business News.

Shareholder John Buckingham, president of California-based Al Frank Asset Management Inc., which owns about 340,000 shares in Huffy, blames Huffy management for acquiring - and then divesting itself of - ill-suited companies.

"The proof is in the pudding, and they're a poster child for how to run a company into the ground," he said. "They went from being a cash rich company to spending that cash on an acquisition that they blew up."

Last week, the New York Stock Exchange put Huffy on 'official notice' for violating some listing requirements and has ordered Huffy to submit a business plan demonstrating how it will restore its compliance with NYSE.

http://msnbc.msn.com/id/5561582/

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