The company lost $7.5 million in 2003 and its stock plummeted from $6.80 a share in December to 58 cents in August, when the New York Stock Exchange suspended trading because the company's market value had fallen too low. "I am confident that Huffy will emerge as a stronger and more competitive organization, well-positioned to succeed," said John Muskovich, president and chief operating officer. Based in the Dayton suburb of Miamisburg, Huffy had closed its last two U.S. bicycle plants in 1999 and moved production to Asia and Mexico because of competition. Though the bikes have sold solidly, the company suffered losses from a Canadian sports equipment manufacturer it acquired. Huffy said the filing will affect all of its U.S. and Canadian subsidiaries, but that day-to-day operations will continue. The company said it 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.
Huffy files for Chapter 11 bankruptcy protection
DAYTON, Ohio (AP) - Bicycle maker Huffy Corp. said Wednesday it filed for Chapter 11 bankruptcy protection in the wake of widening losses.
