Schwinn/GT has gone pop

Schwinn/GT (Europe) Ltd today went into administrative receivership. The company reportedly has 11 containers of bikes sitting in a bonded warehouse that, even before today, could not be touched because the company did not have the funds to pay for them.
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Halfords are the biggest losers as the chain relied heavily on GT mountain bikes as one of their top-end brands.

David Curruthers of receivers Kroll, Buckler, Phillips of London today told BikeBiz that he was going to try to sell the business as a going concern.

Schwinn/GT in the US is so far unaffected.

The forthcoming demise of Schwinn/GT (Europe) Ltd was alluded to on this website last week. At the time a Halfords spokeswoman told BikeBiz that the bike division was seriously concerned about the non-arrival of GT bikes ordered some months ago.

When he left Caratti the company which became Schwinn/GT (Europe) Ltd MD Mark Edwards famously wrote a letter to IBDs saying the GT move into Halfords would be a good thing.

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