Huffy Pulls Out of Schwinn/GT Bidding

Bicycle and scooter maker Huffy Corp. withdrew from the bidding for the cycling division of bankrupt bicycle maker Schwinn/GT Corp. in the U.S. Bankruptcy Court auction of Schwinn/GT assets.

Bids reached a point that exceeded the value of the assets and trademarks, Huffy said. The economic environment doesn’t allow for a “significant overpayment” of the assets, the Miamsburg, Ohio-based company said.

On Friday, the Bankruptcy Court for the District of Colorado approved a $59.4-million bid from Huffy for Schwinn’s cycling division, and Schwinn, a privately held company, said it had received a $64.4-million bid for the cycling division.